Cairo –  Misr Cement – Qena posted a 12% year-on-year (YoY) decline in consolidated net profit to EGP 115 million in 2023 from EGP 132 million a year earlier.

The company’s consolidated net sales, on the other hand, surged 43% YoY to EGP 4.03 billion from 2.82 billion, according to a press release.

Fourth Quarter

During the fourth quarter of 2023 (Q4), consolidated net profit soared 170% YoY to EGP 93 million from EGP 34 million in the corresponding quarter of 2022.

Net sales jumped 41% YoY to EGP 1.20 billion in Q4-2023 from EGP 848 million in Q4-2022.

Standalone Results

The company’s standalone net profit edged lower 1% YoY to EGP 75.80 million in 2023 from EGP 76.30 million.

Qena’s standalone net sales leapt 31% YoY to EGP 1.66 billion last year from EGP 1.26 billion in 2022.

Cash Dividends

The company’s board of directors approved the disbursement of EGP 0.50 per share in cash dividends for 2023.

It is worth highlighting that Misr Cement – Qena logged lower consolidated net profits at EGP 41.35 million in the first nine months (9M) of 2023, versus EGP 119.52 million in 9M-22.

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