Delta Sugar reported a sharp 14% year-on-year decline in net profits after tax, dropping to EGP 940.04 million in the first half of 2024 from EGP 1.08 billion in the same period last year. Revenues fell 43% annually to EGP 2.45 billion, down from EGP 4.32 billion, with basic earnings per share (EPS) sliding to EGP 5.38 from EGP 6.23. The company attributed the slump to soaring beet prices, interest expenses of EGP 66 million, increased overdrafts for supplier payments, and weaker sales. Q1 2024 saw an even steeper 33% YoY profit drop to EGP 216.75 million.