Cairo – Mubasher: The net losses of South Valley Cement Company decreased by 41.47% on an annual basis during the first nine months of 2022 to EGP 83.81 million, compared to EGP 143.20 million.

Loss per share reached EGP 0.17 in 9M-22, compared to EGP 0.30 in 9M-21, according to a bourse statement on Sunday.

The company’s sales shrank to EGP 113.08 million during the January-September 2022 period, compared to EGP 180.84 million in the year-ago period.

In the third quarter (Q3) of 2022, the company turned to net profits of EGP 33.26 million, against net losses of EGP 67.44 million.

The company’s sales during the period from July to September 2022 registered EGP 287.22 million, up from EGP 74.40 million in the corresponding period in 2021.

During the first half (H1) of 2022, the net losses of South Valley Cement widened by 54.50% to EGP 117.08 million, compared to EGP 75.75 million in the same period a year earlier.

Sales stood at EGP 325.86 million in H1-22, a surge from EGP 106.43 million in H1-21.