Cairo – Mubasher: Ajwa Group for Food Industries – Egypt reported a 5,994% hike in its net losses during the first nine months of 2019, according to the company’s consolidated financial statements.
Net losses ballooned to EGP 52.8 million during the nine-month period ended 30 September, compared to EGP 867,846 in the year-ago period, including minority shareholders’ rights, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.
Meanwhile, sales shrank to EGP 528.5 million in the January-September period from EGP 1.13 billion in the corresponding period a year earlier.
At the level of standalone business, the company incurred net losses of EGP 24.86 million in the first nine months of the year, compared to EGP 23.75 million in the same period of 2018.
It is noteworthy that during the first half of 2019, the EGX-listed firm reported net losses of EGP 38.7 million, against net profits of EGP 29.8 million in H1-18.
