Cairo – Mubasher: Al Ezz for Ceramics and Porcelain (GEMMA) turned to net losses of EGP 13.65 million in 2020, versus net profits of EGP 52.47 million a year earlier.
Revenues slid to EGP 1.03 billion last year from EGP 1.23 billion in 2019, the company said in a bourse disclosure on Tuesday.
The company ascribed the negative turn in 2020's financials to the exceptional economic conditions associated with the pandemic.
During the first nine months of 2020, the company incurred net losses of EGP 29.3 million, against net profits of EGP 42.05 million in the corresponding period a year earlier.
The company generated EGP 675.28 million in revenue in the January-September period of 2020, compared to EGP 907.69 million in the same period in 2019.
