Misr Cement (Qena) records 85% decrease in profit

Egypt’s Misr Cement (Qena) has reported an 85.2 per cent YoY fall in profit to EGP14.69m (US$886,660) for the first six months of 2019, compared to EGP99.37m in the year-ago period. General and administrative expenses rose to EGP79.16m from EGP57.18m in the 1H18.

Standalone results saw the company’s net profit decline 84.7 per cent YoY to EGP8.09m from EGP52.84m.