ArabFinance: Sinai Cement Company (SCEM) reported a 31% Year on Year rise in its standalone net loss for the first half (H1) of 2020, according to the company’s financial statements filed to the Egyptian Exchange.
Standalone net loss stood at EGP 245,687,700 in H1 2020, compared to EGP 186,377,393 incurred in H1 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 higher prices of electricity and oil.
Sinai Cement is engaged in the manufacture and packing of different types of cement and its related products.
The Egypt-based company also produces clinker, cement, and other related products, in addition to cement packing bags.
