Gemma swings to loss in 2020
Updated 3/16/2021 1:16:00 PM
ArabFinance: El Ezz Porcelain (Gemma) (ECAP) suffered a net loss of EGP 13.639 million in 2020, compared to EGP 52.471 million achieved in 2019, according to the company’s March 16th unaudited financial statements filed to the Egyptian Exchange.
Gemma's board of directors approved a capital increase to EGP 266.7 million from EGP 255.2 million financed from 2019’s profit. The capital will be hiked through the distribution of 0.045 free share for every one held.
Gemma suffered a net loss of EGP 29.37 million in the first nine months of 2020, versus a net profit of EGP 42.05 million in the same period of 2019.
Established in 1989, Gemma has become the leading manufacturer of high-end Ceramic and Porcelain tiles in Egypt and the Middle East.
