Ascom switches to profitability in H1 2022
Updated 9/5/2022 9:36:00 AM
Arab Finance: Asek Company for Mining (Ascom) (ASCM) turned to profitability in its consolidated financials for the first half (H1) of 2022, according to statements filed to the Egyptian Exchange (EGX) on September 5th.
Ascom reported a consolidated profit attributable to the parent company of EGP 66.314 million in H1 2022, compared to a net loss of EGP 31.496 million in H1 2021.
Consolidated gross profits surged to EGP 208.88 million in the six-month period ended June 30th from EGP 123.102 million in the year-ago period.
As for standalone financials, the company posted a net loss after tax of EGP 28.08 million in the January-June period, versus a net profit after tax of EGP 12.041 million in the same period a year earlier.
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.
