Sinai Cement cuts consolidated loss by 54.5% YoY in Q1
Updated 5/31/2022 12:38:00 PM
Arab Finance: Sinai Cement Company (SCEM) posted a 54.5% year-on-year (YoY) drop in consolidated net loss attributable to the holding company for the first quarter (Q1) of 2021, according to the consolidated financial income statement filed to the Egyptian Exchange (EGX) on May 31st.
The company incurred a consolidated net loss excluding minority interest of EGP 67.19 million in Q1 2022, against a net loss of EGP 147.97 million in the year-ago period.
Net sales stood at EGP 475.57 million in the period from January 1st until March 31st, up from EGP 282.62 million in the same period last year.
At the level of the standalone financial statement, the company cut its standalone net loss after tax in Q1 2022 to EGP 66.25 million from EGP 146.23 million in Q1 2021.
Sinai Cement is an Egypt-based company that operates in the production of clinker, cement, and other related products, in addition to cement packing bags.
