Misr Cement – Qena posts 9.2% profit growth in H1
Updated 8/15/2021 7:52:24 AM
ArabFinance: Misr Cement – Qena (MCQE) reported a 9.2% year-on-year (YoY) increase in consolidated net profit for the fist half (H1) of 2021, according to a press release.
Consolidated net profit amounted to EGP 69 million in H1 2021, compared to EGP 63 million in the year-ago period.
Net revenues declined by 4.72% YoY in H1 2021, recording EGP 1.28 billion from EGP 1.34 billion.
The company attributed the growth in profitability in H1 2021 to its “support of the strategic cross-functional cooperation, purchasing consolidation and cost management among its companies and factories”.
Moreover, boosting the factory’s performance efficiency and expanding total exports by 316% to 169,000 tonnes in H1 2021 from 41,000 tonnes in H1 2020 have contributed to the increase in profitability, the release added.
Meanwhile, the company’s standalone gross profit stood at EGP 118 million during the six-month period ended June 30th, up by 13.7% YoY from EGP 104 million.
Earnings per share (EPS) reached EGP 0.56 in H1 2021, compared to EGP 0.52 in H1 2020.
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.
