Arab Finance: Misr Cement – Qena (MCQE) has reported a 77.7% year-on-year (YoY) drop in consolidated profits attributable to controlling shareholders during the first nine months of 2023, recording EGP 14.075, million, compared to EGP 63.093 million, according to the financial statements filed to the Egyptian Exchange (EGX) on November 14^th.

Net sales surged to EGP 2.832 billion in the January-September period of 2023 from EGP 1.968 billion in the same period of 2022.

The company’s standalone net profits after tax fell to EGP 36.507 million in the nine-month period ended September 30^th from EGP 52.136 million in the corresponding period of last year.

Meanwhile, standalone net sales grew to EGP 1.152 billion from EGP 894.223 billion.

Misr Cement – Qena is engaged in the manufacturing and marketing of cement and cement-related products in Egypt and abroad.

The company is involved in the production and distribution of construction materials, as well as dealing in all types of construction supplies and equipment.

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