Arab Finance: Sinai Cement Company (SCEM) posted a 12.98% year-on-year (YoY) drop in consolidated net loss attributable to the holding company for the first quarter (Q1) of 2023, according to the consolidated financial income statement filed to the Egyptian Exchange (EGX) on May 25^th.

The company incurred a consolidated net loss excluding minority interest of EGP 58.478 million in Q1 2023, down from a net loss of EGP 67.198 million in the year-ago period.

Net sales stood at EGP 1.243 billion in the period from January 1^st until March 31^st of this year, up from EGP 475.578 million in the same period last year.

At the level of the standalone financial statement, the company cut its standalone net loss after tax in Q1 2023 to EGP 56.295 million from EGP 66.253 million in Q1 2022.

Sinai Cement is an Egypt-based company that operates in the production of clinker, cement, and other related products, in addition to cement packing bags.

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