Sinai Cement reduces 1Q loss

Egypt-based Sinai Cement, owned by Vicat, has posted consolidated net losses after tax of EGP67.19m (US$3.6m) in the first quarter of 2022, an improvement when compared with the year-ago period when losses reached EGP147.97m. Standalone losses were reduced YoY to EGP66.25m from EGP146.23m.

Revenues increased to EGP475.57m in the 1Q22 from EGP282.62m in the 1Q21, according to a bourse filing on 31 May.