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Misr Cement posts 161% higher profits in Q1-22

Misr Cement posts 161% higher profits in Q1-22
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Misr Cement - Qena
MCQE
-1.65% 11.91 -0.20

Cairo – Mubasher: Misr Cement - Qena registered a 161.48% year-on-year (YoY) rise in the consolidated net profits to EGP 80.85 million in the first quarter (Q1) of 2022, compared to EGP 30.92 million in the same period of 2021.

The company generated revenues of EGP 668.75 million in the first three months (3M) of 2022, down 6% from EGP 712.73 million in the year-ago period, according to a bourse filing on Monday.

As for the standalone businesses, the company's net profits increased to EGP 48.07 million in Q1-22, compared to EGP 27.55 million in Q1-21.

It is noteworthy to mention that in 2021, the company's consolidated net profits rose to EGP 173.89 million from EGP 23.01 million in 2020.