Cairo – Mubasher: Arabian Cement Co. recorded an 88% year-on-year profit decrease during the first half of 2019.
The cement producer’s net profit plunged to EGP 25.3 million in the six-month period ended 30 June, compared to EGP 212.76 million in the corresponding period a year earlier, including minority shareholders’ rights, according to a statement to the Egyptian Exchange (EGX) on Tuesday.
Year-on-year, sales fell to EGP 1.6 billion in the January-June period of 2019 from EGP 1.64 billion.
During the second quarter of 2019, Arabian Cement Co’s profit declined to EGP 19.4 million, compared to EGP 50.7 million in Q2-18.
As for standalone business, the EGX-listed firm logged a profit of EGP 26.7 million in H1-19, down from EGP 213.3 million in H1-18.
During the three-month period ended 31 March, the cement producer’s profit tumbled to EGP 5.97 million, compared to EGP 162.01 million in the year-ago period.
