Cairo – Mubasher: The unaudited financial results of Delta Sugar showed a 75% year-on-year (YoY) drop in its net profits to EGP 52.13 million in the first half (H1) of 2020 from EGP 211.07 million.
On the other hand, the company’s revenues grew to EGP 1.71 billion in the January-June period from EGP 1.36 billion in the corresponding period a year earlier, according to a bourse disclosure on Tuesday.
The profit decrease was ascribed to a decline in sugar prices globally due to the repercussions of the coronavirus (COVID-19) crisis as well as lower sugar sales due to the closure of tourism establishments and coffee shops.
It is worth mentioning that during the first quarter (Q1) of 2020, Delta Sugar turned to net losses of EGP 118.78 million, against net profits of EGP 70.49 million in the year-ago period.
