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South Valley Cement’s initial financials show 31% lower loss

South Valley Cement’s initial financials show 31% lower loss

ArabFinance: The preliminary unaudited income statement of South Valley Cement (SVCE) indicated a Year on Year (YoY) decrease of 30.75% in net loss after tax during the second quarter (Q2) of 2020, according to a September 28th disclosure to the Egyptian Exchange.

The company incurred EGP 69.82 million worth of net loss in Q2 2020, compared to EGP 100.82 million in Q2 2019.

Sales declined by 21.49% YoY to EGP 196 million in the three months ended on June 30th 2020, compared to EGP 249.67 million.

During the first quarter of the year, South Valley suffered a net loss of EGP 41.39 million.          

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