ArabFinance: Lecico Egypt (LCSW) reopened its subsidiary Lecico for Ceramic Industrie after closure for two weeks due to cases of coronavirus (COVID-19) identified among its workers, according to a company statement released on April 29^th.

However, one COVID-19 case was detected at International Ceramics, another group factory and subsidiary of Lecico, on the same day.

Following the Egyptian Ministry of Health’s guidelines, Lecico decided to close the unit’s factory for two weeks with all staff to be sent home for self-isolation.

“The cases of COVID-19 identified thus far cover different factories and departments on separate production sites within the Group,” the statement highlighted.

Lecico will continue to operate within these changing parameters to protect its customers' business and ensure its business continuity during and after the COVID-19 pandemic, according to the statement.

International Ceramics represents approximately 55% of the Group’s tile production capacity. Lecico anticipates minimal disruption of customer services form this closure given its stock levels and slowing demand for products as a result of the pandemic.

In 2019, Lecico posted a consolidated net profit of EGP 300,982,959, compared to EGP 111,656,489 a year earlier, taking into account the minority rights.

However, the company incurred a standalone net loss of EGP 84,754,695, compared to EGP 20,846,846 last year.

Lecico is an Egypt-based public shareholding company engaged in the manufacture of tiles and sanitary ware products. The company offers its products through three segments: the sanitary ware products, the ceramic tiles, and the brassware.