EGX closed mostly higher on July 9    Gold hits over 1-week low on stronger dollar    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Sisi commissions panel to investigate Ramsis Telephone Exchange fire – PM    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    Egypt, Pakistan boost healthcare ties – Cabinet    Escalation in Gaza as ceasefire talks remain fragile amid mounting humanitarian crisis    Egypt's electricity, public enterprises ministers discuss expanding renewables in energy-intensive industries    UK, Egypt strengthen cooperation on green transition, eco-tourism, and environmental investments    Egyptian authorities race to contain fallout from fatal telecom fire    CPME shareholders approve EGP 2.8bn acquisition of Qardy, Catalyst Partners Holding    Egypt, UNDP discuss expanded cooperation on medical waste management, human development    Egypt, Somalia leaders discuss strategic partnership, counterterrorism in New Alamein    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Egypt's PM, Uruguay's president discuss Gaza, trade at BRICS summit    Egypt, Norway hold informal talks ahead of global plastic treaty negotiations    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt teams up with private sector to boost university rankings    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Egypt condemns deadly terrorist attack in Niger    Egypt's FM, China's Wang discuss Iran-Israel escalation    Egypt's EHA, Schneider Electric sign MoU on sustainable infrastructure    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Misr Cement Co. (Qena) consolidated net profits surged to EGP 45.1 mln in Q3 of 2020
Published in Ahram Online on 16 - 11 - 2020

Misr Cement Co. (Qena), listed on the Egyptian Stock Exchange EGX as MCQE, witnessed an increase in its net profits in the third quarter of 2020 to reach EGP 39.20 million, up from EGP 29.70 million in the same quarter of 2019; with an increase of 31.79 percent, despite the decline in net revenues in the third quarter of 2020. The company recorded about EGP 1.8 million, down from EGP 2.2 million for the same quarter in 2019, according to a statement released on Monday.
The company's financial results for the third quarter of 2020 showed that its net sales revenues decreased to EGP 826 million, down from EGP 979 million in the previous year. Moreover, the cost of sales per ton decreased by 15 percent to reach EGP 506 per ton at the end of the third quarter of 2020, compared to EGP 584 per ton for the same period in 2019; in addition to the fall of general and administrative expenses that dropped by 12 percent to record EGP 45 million at the end of the third quarter of 2020, down from EGP 51 million for the same period in 2019.
Furthermore, financing expenses declined by 45 percent from 2019 to record EGP 48 million in the third quarter of 2020, down from EGP 86 million for the same period in 2019.
On the other hand, the company's return on investments recorded a notable increase at the end of the third quarter of 2020, reaching EGP 12 million, up from EGP 7 million in the same period in 2019; which resulted in increasing the consolidated net profit of the company to EGP 45 million at the end of the third quarter of 2020, up from EGP 21 million for the same period last year.
Abdel-Fattah Harhour, Chairman of the Board of Directors of Misr Cement Co. (Qena), said that the company has succeeded in overcoming all the challenges that afflicted the cement sector in Egypt due to the spread of the novel Coronavirus and the decline in demand at both the national and international levels.
He noted that the company stood alone from its rivals in the Egyptian market by achieving more remarkable successes in the third quarter of 2020; as the group's consolidated net profits rose to EGP 39.20 million, recording an increase of 31.7 percent over the same period in 2019. Adding that despite the decrease in the consolidated net revenues by 21.9 percent, compared to the same period last year, Misr Cement Co. (Qena) achieved standalone net profits of EGP 45.1 million.
“In light of the current market conditions, which are witnessing a surplus in production faced by a contraction in consumption and a decrease in prices, Misr Cement Co. (Qena) has maintained exceptional performance that has contributed to its steadfastness in front of obstacles. The company was able to achieve a growth in net profits during the third quarter of 2020, by reducing operating costs while continuing to improve performance to achieve maximum effectiveness,” said Tarek Talaat, Managing Director of Misr Cement Co. (Qena).
Misr Cement Co. (Qena) was established in 1997 with a capital of EGP 720 million and a production capacity of 2 million ton per year to produce cement of all kinds.
The company owns a 60 percent stake in Minya Portland Cement, whose design capacity is estimated at 2 million tons annually. The company also owns a controlling share in ACICO Ready Mix Concrete by 100 percent, in order to produce 500 thousand cubic meters of ready-mixed concrete through 9 concrete plants.


Clic here to read the story from its source.