Misr Cement – Qena reported consolidated net profits of EGP 16.93 million in the first half (H1) of 2024, reflecting a significant decline from EGP 63.68 million in the same period last year.
Despite the drop in profits, the company’s revenues saw an increase, rising to EGP 2.29 billion in H1-24, up from EGP 1.90 billion a year earlier, according to the financial statements.
As of 30 June 2024, Misr Cement’s total assets amounted to EGP 5.05 billion, compared to EGP 4.89 billion at the end of December 2023.
Standalone Results:
In the first six months of 2024, the EGX-listed firm recorded standalone net profits of EGP 81.30 million, marking an improvement from EGP 39.60 million in H1-23.
The company’s revenues also increased, reaching EGP 1.02 billion in H1-24, up from EGP 737.32 million in the previous year.
Earnings per share (EPS) for this period rose to EGP 0.72, compared to EGP 0.37 in H1-23.
Q2-24 Financials:
In the second quarter (Q2) of 2024, Misr Cement’s consolidated net losses widened to EGP 15.51 million, compared to EGP 21.78 million in Q2-23.
However, revenues for the quarter grew to EGP 1.04 billion, up from EGP 994.38 million in the same period last year.
On a non-consolidated basis, the company swung to net profits of EGP 32.66 million in April-June 2024, reversing losses of EGP 17.08 million from the previous year.
Earlier, in the January-March 2024 period, Misr Cement’s consolidated net profit after taxes and before non-controlling interest fell to EGP 32.45 million, down from EGP 85.47 million in Q1-23.