Financials & Economy

This drop was attributed to the absence of a one-off wheat trading activity in Q1 2024, the sharp devaluation of the Egyptian pound and persistent operational challenges

The company attributed its top-line growth to a double-digit rise of 15.59% for feed sales and a solid 7.18% increase in flour sales

Notably, net sales for the second quarter decreased 2.3% to US$1.95 billion from US$2 billion in the previous year.

According to the company, the sharp reversal in profitability was attributed to several compounding factors, including a decrease in the fair value of investments, higher depreciation costs

The company ended the same period with a 20.3% EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) margin.