Cairo – Mubasher: The net profits after tax of Delta Sugar shrank by 14% year-on-year (YoY) to EGP 940.04 million in the first half (H1) of 2024 from EGP 1.08 billion.

Revenues amounted to EGP 2.45 billion in the January-June 2024 period, an annual plunge of 43% from EGP 4.32 billion, according to the income statements.

The basic earnings per share (EPS) declined to EGP 5.38 in H1-24 from EGP 6.23 in H1-23.

Delta Sugar attributed the decline in half-year profits to increased expenses, the rise in the average price of beets, which cost the company interest expenses of EGP 66 million, as well as a surge in overdrafts to pay beet suppliers’ dues, and a decline in sales.

In the first quarter (Q1) of 2024, the EGX-listed firm recorded a 33% YoY drop in net profit after tax to EGP 216.75 million, compared to EGP 323.78 million.