Cairo – Mubasher: The consolidated net losses of Ajwa Group for Food Industries – Egypt plummeted by 94.5% to EGP 5.01 million in 2020, compared to EGP 91.22 million a year earlier, excluding minority shareholders’ rights.

The profits attributable to minority interests reached EGP 8.52 million last year, compared to losses of EGP 16.1 million in 2019, the company said in a bourse disclosure on Thursday.

In total, the company achieved net profits of EGP 3.5 million in 2020, versus net losses of EGP 107.32 million in 2019. 

Sales increased to EGP 1.39 billion over the course of 2020 from EGP 733.9 million the year before.

As for standalone business, the group suffered net losses of EGP 30.48 million last year, compared to EGP 34.64 million in 2019.

During the first nine months of 2020, the company logged EGP 11.37 million in net profits, against net losses of EGP 49.71 million in the prior-year period, including minority shareholders’ rights.