South Valley Cement’s losses surge in Q1-23

The net losses after tax of South Valley Cement Company increased to EGP 37.05 million in the first quarter (Q1) of 2023, compared to EGP 31.20 million in Q1-22.

The sales amounted to EGP 338.32 million during the January-March 2023 period, higher year-on-year (YoY) than EGP 206.32 million, according to the financial results.

Meanwhile, the loss per share went up to EGP 0.07 in Q1-23 from EGP 0.06 in the first three months (3M) of 2022.

Last year, the EGX-listed firm incurred lower net losses at EGP 208.74 million, versus EGP 225.45 million in 2021.

Sales jumped to EGP 873.73 million in 2022 EGP 284.62 million in 2021, whereas the loss per share declined to EGP 0.43 from EGP 0.47.