Cairo – Mubasher: Dice Sport and Casual Wear is planning to open 52 new branches in 2021 in various governorates, including franchise outlets.

The company also revealed that it received EGP 62 million under the immediate disbursement of export subsidies initiative, according to a bourse disclosure on Monday.

The export subsidies were used in reducing the company's debt owed to banks, Vice Chairman of Dice, Nagy Toma, said.

Starting from the first quarter of 2021, Dice is expected to turn profitable, backed by its exports which normally account for 70% of its sales.

Exports made up 60% of sales in 2019 and are expected to account for 50% of sales in 2020 due to the economic downturn caused by the coronavirus pandemic.

Indicators show that exports have improved significantly during 2021 as export orders picked up, he noted. 

During the first nine months of 2020, Dice reported net losses of EGP 56.56 million, against net profits of EGP 125.29 million in the year-ago period, including minority shareholders’ rights.