Misr Cement (Qena) reports revenue advance in 1H23

Egypt-based Misr Cement (Qena) Co has reported net sales of EGP1900m (US$61.49m) for the six months ended 30 June 2023, up from EGP1295m in the same period a year earlier. Net profit before income taxes for the 1H23 has come in at EGP86.37m, down from EGP101.46m in the opening six months of 2022, while operating income has advanced from EGP131.62m in the 1H22 to EGP172.98m in the same period the following year.

The second quarter of 2023 saw net sales of EGP994.39m, an advance on the EGP627.09m posted in the 2Q22. However, a net loss before income taxes of EGP22.93m was reported in the 2Q23, compared to a net profit of EGP7.09m in the year-ago period. This was due to a leap in a number of expenses, including financial expenses, and impairment of projects under instruction. Net operating income stood at EGP30.02m in the 2Q22, up from EGP24.86m in the same period in the previous year.