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Delta Sugar moves to loss in 2020 initial results

Delta Sugar moves to loss in 2020 initial results
Revenues rose to EGP 3.24 billion last year
Delta Sugar
SUGR
1.09% 7.45 0.08

Cairo – Mubasher: Delta Sugar turned to net losses of EGP 267.04 million during 2020, against net profits of EGP 42.89 million in the prior year, the unaudited financial results showed.

The negative turn in the annual financial results was ascribed to the drop in sugar prices in local and international markets due to the economic disruption caused by the coronavirus pandemic, the company said in a bourse disclosure on Thursday.

Revenues rose to EGP 3.24 billion last year, compared to EGP 2.36 billion in 2019.

During the first nine months of 2020, Delta Sugar incurred net losses of EGP 62.25 million, versus net profits of EGP 153.5 million in the year-ago period.