Obour Land logs 5.8% lower consolidated profit in 9 months: Egypt

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Obour Land for Food Industries (OLFI) posted a 5.81% year-on-year (YoY) decline in consolidated profit attributable to the parent company during the first nine months of 2023, according to financial statements filed to the Egyptian Exchange (EGX) on November 14th.

The company’s consolidated net profit excluding minority interest amounted to EGP 307.678 million from January until the end of September 2023, down from EGP 326.663 million during the same period a year earlier.

Consolidated sales soared to EGP 5.006 billion in January-September from EGP 3.140 million the year before.

Obour Land’s standalone net profit after tax reached EGP 308.181 million in the first nine months of the year, down from EGP 326.876 million in the same period a year earlier.

Established in 1997 and listed in 2016, Obour Land for Food Industries is an Egypt-based manufacturing company, which is specialized in the production, processing, and packaging of white cheese.