The Central Auditing Organization (CAO) asked Memphis
Pharmaceutical (MPCI) to restudy marketing and sales plans to its drugs in order to activate sales, according to Al Mal news website.
The request comes after the company has halted production of 33 medicines with a value of returns amounted around EGP 803,000.
According to CAO notes on Memphis’ financial results, Aspirin occupies 26.7% of the company sales at EGP 131.23 million, however, Memphis only packs it.
On the other hand, the sale of Devarol, which is produced by the company, acquire 8.9% of the Memphis’ sales at EGP 44.195 million.
The company posted a net profit before tax of EGP 2.920 million in July-August period for the fiscal year 2020/2021, a 143% rise from EGP 1.200 million achieved in the prior-year period.
Memphis Company is one of the companies of the drug holding company in Egypt. It is considered one of the oldest pharmaceutical and chemical companies in the Middle East since 1940.
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