Misr Cement (Qena) posts 9% profit increase

Egypt’s Misr Cement (Qena) has recorded a 9.2 per cent YoY advance in consolidated net profit for the January-June period of 2021, rising to EGP69m (US$4.39m) from EGP63m in the 1H20.

However, net revenue declined 4.7 per cent to EGP1.28bn from EGP1.34bn.

The company has attributed the increase in profitability to improved efficiency and total exports, which climbed 316 per cent YoY to 169,000t from 41,000t in the first half of 2020.