Arabian Cement turns to profits in Q1
Updated 5/22/2022 11:34:49 AM
Arab Finance: Arabian Cement Company (ARCC) has turned to profitability during the first quarter (Q1) of 2022, according to the company’s financial statements filed to the Egyptian Exchange (EGX) on May 22nd.
The company has recorded a consolidated net profit attributable to owners of the parent company of EGP 58.85 million in Q1 2022, versus a net loss of EGP 6.33 million in Q1 2021.
Moreover, the company has generated a consolidated sales revenue of EGP 1.06 billion in the three-month period ended March 31st, growing from EGP 432.44 million in the same quarter last year.
At the level of standalone results, Arabian Cement has posted a standalone net profit after tax of EGP 53.28 million in Q1 2022, versus a net loss of EGP 4.39 million in Q1 2021.
In 2021, the company’s consolidated profits attributable to the parent company stood at EGP 34.181 million, compared to losses of EGP 122.788 million in 2020.
Arabian Cement is an Egypt-based company engaged in the manufacture of cement and concrete. Its products include clinker and ready-mix concrete, in addition to Al Mosalah, Al Tahrir, and El Sadd cement.
