SINAI CEMENT
SCEM
Financial ResultsPositive News
Sinai Cement Bounces Back: Q1-24 Sees Profit Surge Amid Sales Dip
Sinai Cement reports a profit rebound in Q1-24 despite lower sales, marking a turnaround from previous losses.
June 2, 2024 at 11:25:00 AMScore: 65
Sinai Cement SCEM19.98%45.467.57Cairo – Mubasher: Sinai Cement reversed its fortunes in Q1-24, posting a consolidated net profit of EGP 301.11 million, a stark contrast to a EGP 58.47 million loss in Q1-23. Despite a dip in consolidated net sales to EGP 1.16 billion from EGP 1.24 billion year-on-year, the company reported earnings per share (EPS) of EGP 2.26, flipping from a EGP 0.44 loss per share in the prior-year period. Standalone results mirrored this turnaround, with net profits hitting EGP 302.77 million versus a EGP 56.29 million loss in Q1-23. Sales under standalone metrics also softened to EGP 1.16 billion from EGP 1.24 billion. In 2023, Sinai Cement narrowed its annual consolidated net loss to EGP 121.42 million, down significantly from EGP 330.41 million in 2022.
Recommended Actions
- Monitor stock for potential entry points post-sales decline.
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Positive Aspects
- Strong profit rebound in Q1-24
- Improved EPS from negative to positive
- Reduced annual losses in 2023
Negative Aspects
- Declining net sales year-on-year
- Historical net losses in prior periods
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