Ascom’s consolidated loss in 2021 up 20% year-on-year

ArabFinance: Asek Company for Mining (Ascom) (ASCM) reported a 20.07% year-on-year increase in consolidated net loss attributable to the parent company for the full year 2021, according to the financial statements of the ArabFinance company filed on the Egyptian Stock Exchange (EGX) on May 8.

The consolidated net loss excluding minority interests amounted to EGP 84.92 million in 2021, compared to a loss of EGP 70.73 million in 2020.

Meanwhile, the company’s net loss after tax increased to EGP 252.81 million last year from EGP 54.58 million in 2020.

It should be noted that Ascom incurred a consolidated net loss attributable to the parent company of EGP 32.45 million in the first nine months of 2021, compared to EGP 86.63 million in the prior year period.

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

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

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