Cairo – Mubasher: The consolidated financial statements of Suez Cement showed a 10.6% year-on-year drop in its net losses during 2019.
The cement producer suffered net losses of EGP 1.18 billion last year from EGP 1.32 billion in 2018, including minority shareholders’ rights, according to a bourse disclosure on Sunday.
Meanwhile, the company’s sales fell to EGP 6.46 billion in 2019 from EGP 7.43 billion in the prior year, while the cost of sales dropped to EGP 6.52 billion from EGP 6.80 billion in 2018.
As for standalone business, the company turned to net losses of EGP 1.256 billion in 2019, against net profits of EGP 10.69 million a year earlier.
It is worth mentioning that during the January-September period of 2019, Suez Cement turned to losses of EGP 495.51 million, against net profits of EGP 335.2 million in the year-ago period, including minority shareholders’ rights.
