Bagir H1 losses widen on higher production costs

For the six months to June 30, 2018, Bagir reported revenues of 24.8 million dollars compared to 28.1 million dollars same period last year. The company said, higher production costs in the first half affected gross margin and profitability. The company posted adjusted EBITDA loss of 1.7 million dollars and gross margin of 6.7 percent compared with adjusted EBITDA of 1.1 million dollars and gross margin of 16.4 percent in H1 2017. The company said, its board believes that the proposed investment by Shandong Ruyi reaffirms their view that the group’s first mover advantage in Ethiopia is potentially transformative to its medium-to-long term prospects.