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Monday, 15 June 2020

Arabian Cement profits triple in 1Q2020 to EGP 16 mn

EARNINGS WATCH- Arabian Cement profits triple in 1Q2020 to EGP 16 mn: Spending cuts helped Arabian Cement to deliver a threefold increase in net profit during 1Q2020 despite falling sales revenue. The company yesterday reported (pdf) EGP 15.91 mn in profit during the first three months of the year, up from EGP 5.98 mn a year ago, even as revenue fell 15% to EGP 702 mn. The company’s bottom line growth came as a result of substantial cuts to administration expenses and financing costs.

Ezz Steel plunges deeper into the red in 2019: Ezz Steel reported a EGP 7.9 bn loss in 2019, down from a EGP 1 bn loss in 2018, according to a regulatory disclosure (pdf). The company's sales fell slightly to EGP 45.7bn in 2019 from EGP 49.2 bn in 2018.

Amer Group reported net losses of EGP 8.45 mn in 1Q2020, from net profits of EGP 72.40 mn in 1Q2019, according to an EGX statement (pdf).

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