EIPICO sees profit drop

Consolidated net profit declined 27.4% Year on Year (YoY) in 2020

  

ArabFinance: The consolidated net profit of the Egyptian International Pharmaceutical Industries Company (EIPICO) (PHAR) recorded EGP 487.4 million in 2020, the company stated in a statement to the Egyptian Exchange on February 24th.

Consolidated net profit declined 27.4% Year on Year (YoY) in 2020, compared to EGP 671.45 million in 2019.

The company’s standalone net profit went down 30.9% YoY to EGP 422.83 million during the January-December period of 2020, compared to EGP 611.55 million in the corresponding period of 2019.

The pharmaceutical company reported a 35% YoY decline in its consolidated net profit in the first nine months of 2020, achieving EGP 339.46 million, compared to EGP 522.19 million in the prior-period year.

EIPICO is an Egypt-based public shareholding company that operates in the pharmaceutical industry. It is a manufacturer and exporter of pharmaceuticals and holds license agreements with a group of international pharmaceutical companies to produce their products locally and replace the imported ones.

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