South Valley Cement Co has reported revenue of EGP592.5m (US$19.15m) in the first nine months of 2023, down from EGP614.09m in the same period a year earlier. Net losses after tax fell from EGP83.81m in the 9M22 to EGP63.10m in the 9M23, reports Zawya. The loss per share came in at EGP0.13 in the opening nine months of 2023, a YoY decrease from EGP0.17.
Revenue in the third quarter of 2023 alone stood at EGP128.49m, down from EGP288.52m in the same period in 2022. Net profit after tax came in at EGP13.14m, versus EGP33.26m in the 3Q22. Earnings per share contracted from EGP0.06 in the 3Q22 to EGP0.03 in the same period a year later.
