Ascom’s consolidated net profits drop 8.5% YoY in H1
Updated 8/28/2023 9:17:00 AM
Arab Finance: Asek Company for Mining (Ascom) recorded consolidated net profits attributable to the parent company of EGP 44.669 million in the first half (H1) of 2023, compared to EGP 48.838 million H1 2022, a decline of 8.54% year on year (YoY), according to the consolidated financial income statement filed to the Egyptian Exchange (EGX) on August 28th.
Operating revenues grew to EGP 934.984 million from January through June this year from EGP 641.210 million over the same period a year earlier.
Concerning standalone business, the firm garnered EGP 5.174 million in net profits after tax in H1 2023, versus net losses of EGP 36.464 million in the same half of the prior year.
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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