National Drilling turns to profit in Q2
Updated 9/30/2020 2:17:03 PM
ArabFinance: National Drilling Company (NDRL) achieved a net profit after tax of $1.05 million (EGP 16.53 million) during the second quarter (Q2) of 2020, according to the initial financials in a September 30th disclosure to the Egyptian Exchange.
The profitable result came against a net loss of $733,967 (EGP 11.55 million) in Q2 2019, the statement showed.
Revenues surged by 159% Year on Year (YoY) in Q2 2020 to $5.26 million (EGP 82.79 million) from $2.03 million (EGP 31.95 million).
During the first quarter of 2020, National Drilling posted a YoY decrease of 67% in its net loss.
*At press time, the conversion rate is $1 = EGP 15.74
