Sheeni records losses of LE30.55M in 8 months of 20/21

CAIRO – 15 March 2021: General Company for Ceramic and Porcelain Products (Sheeni) recorded an increase in its losses during the first eight months of the fiscal year 2020/2021, by 59.78 percent, registering LE 30.55 million, compared to LE 19.12 million during the same period of 2019/2020.

The company attributed the loss to the decrease in sales volume, which was affected by the state of the markets, in addition to continuing to sell stagnant stock for years, unlike the porcelain factory, which achieves losses according to the expected aging of machinery and equipment.

Earlier, the company announced recording an increase in its losses during the first seven months of the fiscal year 2020-2021, by 65.3 percent, to reach LE 26.23 million, compared to losses of LE 15.92 million in the comparative period of the last fiscal year.

During the first half of 2020-2021, the company achieved losses amounting to LE 21.92 million in the six months ending in December 2020, compared to losses of LE 13.19 million in the comparative period of the last fiscal year.

Sheeni operates within the Consumer Durables and Apparel sector focusing on Housewares and Specialties.