Cairo – Mubasher: Suez Cement reported an 82% year-on-year profit hike during the first quarter of 2019, according to the company’s consolidated financial statements.

Net profits amounted to EGP 213.07 million in the three-month period ended 31 March, compared to EGP 117.06 million in the corresponding period a year earlier, including minority shareholders’ rights, the cement producer said in a statement to the Egyptian Exchange (EGX) on Monday.

Meanwhile, the company’s revenues slid to EGP 1.81 billion in Q1-19 from EGP 2.12 billion in Q1-18.

As for standalone business, Suez Cement previously announced turning into losses of EGP 95.16 million from January to March, against profits of EGP 130.48 million in the year-ago period.  

Year-on-year, sales plunged to EGP 527.73 million in the three-month period ended 31 March, compared to EGP 774.1 million.