Misr Cement – Qena’s profit drops 172% in FY17/18

CAIRO – 13 July 2017: Misr Cement - Qena net profits plunged 172 percent year-on-year to LE 50.6 million ($2.8 million) in the fiscal year 2016/17 from LE 137.5 million, the firm said in a Thursday stock report.

The company attributed the drop in its net profit to the increase in the financial expenses by LE 3.25 million, in addition to lower sales volume by 14 percent in the first half of 2017, the statement.

Total revenues fell 9.4 percent to reach LE 1.2 billion in the above period, down from LE 1.3 billion in the previous year period.

Moreover, the company’s board approved increasing the capital by LE 1.220 million at a nominal value of LE 10 for 30.12 million shares at a total value of LE 301 million, for the registered shareholders through rights issue.