The Clap
Al Ezz Ceramics & Porcelain Co. (GEMMA) reported its recent earnings and showed significant growth in sales and net income.
What
For Q3-23 GEMMA’s sales surged to EGP 487.6 million, up from EGP 357.8 million a year earlier. The company’s net income also saw an increase reaching EGP 54.5 million compared to EGP 31 million in the previous year.
So What
The 9M-23 results were also impressive, with sales reaching EGP 1.4 billion, up from EGP 1 billion in the same period last year. The net income for this period was EGP 137.7 million, a significant rise from EGP 83.2 million in the previous year.
Some Context
Abdelkhalek Mohammed, Equity Strategist at Thndr Securities Brokerage, told Claps that the company was able to maintain its profitability margins due to conquering a more premium market segment, which distinguishes it on the EGX from its peers.
