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Suez Cement's loss widens 70.5% in 9M

Suez Cement's loss widens 70.5% in 9M
The cement producer’s sales declined to EGP 3.84 billion
Suez Cement
SUCE
-2.42% 8.05 -0.20

Cairo – Mubasher: Suez Cement posted consolidated net losses of EGP 888.9 million in the first nine months of 2020, up by 70.5% year-on-year (YoY) from EGP 521.4 million, including minority shareholders’ rights.

The cement producer’s sales declined to EGP 3.84 billion in the nine-month period ended 30 September from EGP 4.91 billion in the year-ago period, according to a bourse disclosure on Sunday.

As for standalone business, Suez Cement incurred net losses of EGP 587.2 million in the January-September period, down from EGP 736.77 million in the corresponding period in 2019.

During the first half (H1) of 2020, Suez Cement suffered net losses of EGP 709.31 million, compared to EGP 356.49 million in H1-19, including minority shareholders’ rights.