Misr Duty Free Shops registers 107.42% YoY rise in Q1 consolidated profit

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Misr Duty Free Shops has reported a 107.42% year-on-year (YoY) increase in consolidated profit attributable to controlling shareholders during the first quarter (Q1) of 2023, recording EGP 83.417 million, compared to EGP 40.217 million, according to the financial statements filed to the Egyptian Exchange (EGX) on May 23rd.

Sales surged to EGP 291.852 million in Q1 2023 from EGP 183.512 million in Q1 2022.

The company’s standalone net profit after tax rose to EGP 83.263 million in the three-month period ended March 31st from EGP 40.616 million in the same period in 2022.

Established in 1975, the public shareholding company is engaged in the import and sale of duty-free goods in foreign and local currencies. It also sells products to consumers without being exempted from taxes in sales fairs at air, sea, and land ports. In addition, it offers several brands and types of alcoholic beverages, tobacco, fragrances, gift items, electrical and household appliances, and housewares.