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Sharjah Cement incurs AED 25m net losses in H1-20

Sharjah Cement incurs AED 25m net losses in H1-20
The company's revenues declined to AED 223.72m
Sharjah Cement
SCIDC
-5.00% 0.76 -0.04

Abu Dhabi – Mubasher: Sharjah Cement and Industrial Development Company recorded net losses of AED 24.67 million in the first half (H1) of 2020, against net profits of AED 2.55 million in the same half of 2019, as shown by the company's consolidated interim financial results for the period ended on 30 June 2020.

The company's revenues declined to AED 223.72 million in H1-20 from AED 291.43 million in the corresponding period of 2019.

The basic and diluted loss per share stood at AED 0.041 in the first six months of 2020, versus the earnings per share (EPS) of AED 0.004 in the year-ago period.

It is noteworthy to mention that in the first quarter (Q1) of 2020, the company reported a net loss of AED 9.3 million, versus AED 802,000 in net profits for the same period of 2019.