Sheeni records losses of LE26.23M in H1 of 20/21

CAIRO – 15 March 2021: General Company for Ceramic and Porcelain Products (Sheeni) recorded an increase in its losses during the first seven months of the fiscal year 2020-2021, by 65.3 percent, to reach LE 26.23 million, compared to losses of LE 15.92 million in the comparative period of the last fiscal year.

The company attributed the loss to the decrease in sales volume that was affected by the state of the markets, in addition to continuing to sell stagnant stock for years, unlike the porcelain factory, which achieves losses according to the expected aging of machinery and equipment.

The company’s board of directors agreed, in principle, to the General Petroleum Authority’s request regarding the desire to purchase a plot of land leased to Total Company with an area of ​​8 thousand square meters.

It approved the formation of a committee to study the request of the International Investment Group for Industry and Commerce to operate a porcelain mugs production line in the tableware factory, with the entire production being marketed through them.

During the first half of 2020-2021, the company achieved losses amounting to LE 21.92 million in the six months ending in December 2020, compared to losses of LE 13.19 million in the comparative period of the last fiscal year.