Egypt: ASCOM shifts to $1.24mln profits in Q1-23

Asec Company for Mining (ASCOM) turned profitable at EGP 38.58 million in the first quarter (Q1) of 2023, versus consolidated net losses after tax worth EGP 6.65 million in Q1-22, including minority interest.

The revenues amounted to EGP 114.10 million in the first three months (3M) of 2023, an annual leap from EGP 35.92 million, according to the income statements.

Loss per share hit EGP 1.60 as of 31 March 2023, against earnings per share (EPS) valued at EGP 0.20.

Standalone Financial Results

The EGX-listed firm also shifted to standalone net profit after tax amounting to EGP 6.31 million during Q1-23, against net losses worth EGP 2.75 million in the year-ago period.

Non-consolidated revenues climbed to EGP 14.68 million as of 31 March 2023 from EGP 2.15 million in Q1-22. Meanwhile, the loss per share reached EGP 1.93 when compared with a profit per share of EGP 0.10.

During the January-September 2022 period, ASCOM swung to consolidated net profits valued at EGP 136.48 million, against net losses of EGP 38.20 million in 9M-21, including minority shareholders’ rights.