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ASCOM shifts to net losses in Q1-24 results

ASCOM shifts to net losses in Q1-24 results
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Cairo – Mubasher: Asec Company for Mining (ASCOM) turned to net losses worth EGP 25.67 million in the first quarter (Q1) of 2024, versus net profits worth EGP 38.58 million in Q1-23.

Revenues climbed to EGP 759.97 million as of 31 March 2024 from EGP 498.26 million in Q1-23, according to the consolidated financial results.

Basic and diluted loss per share hit EGP 1.11 in the January-March 2024 period, against an earnings per share (EPS) standing at EGP 0.12 a year earlier.

The company reported total assets valued at EGP 7.49 billion in Q1-24, higher than EGP 5.19 billion at the end of December 2023.

Standalone Financials

ASCOM also turned to standalone net losses valued at EGP 59.99 million in the first three months (3M) of 2024, against net losses valued at EGP 6.31 million a year earlier.

Non-consolidated revenues dropped to EGP 83.32 million in Q1-24 from EGP 87.60 million in the year-ago period. Meanwhile, the loss per share hit EGP 1.11 when compared to an EPS of EGP 0.12.

As of 31 December 2023, the company’s consolidated net profits after tax hiked to EGP 1.95 billion from EGP 96.90 million in 2022.