Egypt: Ascom’s consolidated net profits leap in 9 months

Egypt: Ascom’s consolidated net profits leap in 9 months

Arab Finance: Asek Company for Mining (Ascom) recorded consolidated net profits attributable to the parent company of EGP 2.260 billion in the first nine months of 2023, up by 1,586.86% from EGP 115.494 million during the same period in 2022, according to the financial income statement filed to the Egyptian Exchange (EGX) on December 21st.

Operating revenues grew to EGP 1.410 billion from January through September this year from EGP 998.535 million over the same period a year earlier.

Concerning standalone business, the firm garnered EGP 15.227 million in net profits after tax during the nine months ending September 30th, versus net losses of EGP 55.211 million in the same period of the prior year.

Ascom is an Egypt-based public shareholding company that operates primarily in the non-metal mining sector.

The company is engaged in geological exploration, mining and quarrying of raw materials, and developing mining operations for building materials and precious metals. This is in addition to being involved in manufacturing operations for ground calcium carbonate and rock as well as glass wool.

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