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Lecico Egypt's loss narrows 26% in 2020

Lecico Egypt's loss narrows 26% in 2020
Selling and administrative expenses fell by EGP 49 million
Lecico
LCSW
-2.30% 4.24 -0.10

Cairo – Mubasher: The consolidated net losses of Lecico Egypt shrank by 26% year-on-year (YoY) to EGP 222.4 million in 2020, compared to EGP 300.98 million, including minority shareholders’ rights.

The net losses attributable to the equity holders of the parent company amounted to EGP 220.6 million last year, compared to EGP 298.3 million in 2019, while the losses attributable to non-controlling interests reached EGP 1.79 million, compared to EGP 2.66 million in 2019, the company said in a bourse disclosure on Tuesday.

Selling and administrative expenses fell by EGP 49 million, while financing expenses declined by EGP 88 million.

Meanwhile, the company’s sales retreated to EGP 2.055 billion last year from EGP 2.34 billion in 2019.

As for standalone business, Lecico Egypt logged EGP 56.64 in net losses in 2020, down from EGP 84.75 million a year earlier.