Cement News

Egypt’s Misr Cement sees 20% lower consolidated profits in 9M-22

Cairo – The consolidated net profits after tax of Misr Cement – Qena declined by 20% to EGP 96.89 million in the first nine months (9M) of 2022, compared to EGP 122.06 million in 9M-21, including non-controlling interest.

The net sales amounted to EGP 1.96 billion in 9M-22, higher than EGP 1.89 billion in the year-ago period, according to the income statements.

During the third quarter (Q3) of 2022, the net profits after tax plunged by 78% to EGP 11.20 million from EGP 52.96 million in Q3-21, while the net sales surged to EGP 672.51 million from EGP 611.81 million.

Standalone Business

The EGX-listed firm logged standalone net profits after tax worth EGP 52.13 million in the January-September 2022 period, an annual drop of around 35% from EGP 80.77 million.

The non-consolidated revenues plummeted to EGP 894.22 million in 9M-22 from EGP 934.68 million during the same period in 2021.

Earnings per share (EPS) stood at EGP 0.62 in 9M-22, down 33% from EGP 0.94 in 9M-21.

In Q3-22, the net profits after tax shrank by 61% to EGP 12.45 million from EGP 33.98 million in Q3-21, whereas the EPS retreated to EGP 0.14 from EGP 0.39.

The standalone net sales went down to EGP 320.52 million in Q3-22 from EGP 323.54 million in Q3-21.

In the first half (H1) of 2022, Misr Cement posted a surge of nearly 24% in consolidated net profit after tax to EGP 85.69 million, compared to EGP 69.10 million in H1-21.

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