Ascom swings to profitability in Q1
Updated 7/5/2022 8:20:00 AM
ArabFinance: Asek Company for Mining (Ascom) (ASCM) has turned to profitability during the first quarter (Q1) of 2022, according to consolidated financial statements filed to the Egyptian Exchange (EGX) on Monday.
The company reported a consolidated net profit attributable to the parent company of EGP 11.833 million in Q1 2022, compared to a net loss of EGP 26.653 million in Q1 2021.
Ascom posted a 43.4% year-on-year (YoY) decline in standalone net profit after tax during the three-month period ended March 31st, registering EGP 5.629 million, financial statements showed.
Ascom is an Egypt-based public shareholding company that operates primarily in the non-metal mining sector.
The company is engaged in geological exploration, mining and quarrying of raw materials, and developing mining operations for building materials and precious metals. This is in addition to being involved in manufacturing operations for ground calcium carbonate and rock as well as glass wool.
