Sinai Cement posts lower net losses in Q1-23

The consolidated net losses after tax of Sinai Cement declined to EGP 58.47 million in the first quarter (Q1) of 2023 from EGP 67.19 million in Q1-22, including minority interest.

Loss per share amounted to EGP 0.44 in Q1-23, lower than EGP 0.50 in the year-ago period, according to the income statements.

The sales reached EGP 1.24 billion during the first three months (3M) of 2023, up year-on-year (YoY) from EGP 475.57 million.

Standalone Financial Results

The EGX-listed firm posted an annual drop in standalone net losses after tax to EGP 56.29 million during January-March 2023 from EGP 66.25 million.

Non-consolidated loss per share hit EGP 0.42 as of 31 March 2023, versus EGP 0.50 in Q1-22.

Last year, the company's consolidated net losses after tax reached EGP 330.41 million, down from EGP 354.03 million in 2021, including minority shareholders’ rights.