Arab Finance: Asek Company for Mining (Ascom) recorded consolidated net profits attributable to the parent company of EGP 39.127 million in the first quarter (Q1) of 2023, compared to EGP 5.643 million in net losses in Q1 2022, according to the consolidated financial income statement filed to the Egyptian Exchange (EGX) on July 4th.

Operating revenues grew to EGP 66.563 million from January through March this year from EGP 15.892 million over the same period a year earlier.

Concerning standalone business, the firm garnered EGP 6.315 million in net profits after tax in Q1 2023, versus net losses of EGP 2.755 million in the same quarter of the prior year.

Meanwhile, standalone gross profit came in at EGP 14.680 million, up from EGP 2.150 million in Q1 2022.

Ascom is an Egypt-based public shareholding company that operates primarily in the non-metal mining sector.

The company is engaged in geological exploration, mining and quarrying of raw materials, and developing mining operations for building materials and precious metals. This is in addition to being involved in manufacturing operations for ground calcium carbonate and rock as well as glass wool

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