ArabFinance: Sinai Cement Company (SCEM) reported a 35% Year on Year increase in its consolidated net loss in Quarter one (Q1) of 2020, according to the company's June 24th financial statements.
Consolidated net loss reached EGP 105,808,551 in Q1 2020, compared to EGP 78,261,399 incurred in Q1 2019.
Standalone net loss stood at EGP 105,446,014 in Q1 2020, a 35% increase from EGP 78,169,587 in Q1 2019.
In 2019, the company suffered a net loss of EGP 442.25 million, a decrease from the EGP 306 million posted a year earlier.
The company attributed the 2019 loss to accumulated effects of Egyptian pound devaluation on imported fuel, in addition to the increase in prices of electricity and oil.
Sinai Cement is an Egypt-based company engaged in the manufacture and packing of different types of cement and its related products. It also produces clinker, cement, and other related products, in addition to cement packing bags.
