|29 October, 2019

Egypt Arab Drug Co’s profits skyrocket 92.8% in Q1-19

Revenues increased to $7.7mln in Q1

A trader works at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015.

A trader works at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015.

REUTERS/Mohamed Abd El Ghany

Cairo – Arab Drug Co announced a 92.8% year-on-year rise in profit during the first quarter of 2019.

The profits totalled EGP 18.7 million in Q1-19 when compared to EGP 9.7 million in the corresponding quarter in 2018, according to a bourse filing on Tuesday.

Moreover, the firm’s income statements have been reclassified as per the Egyptian accounting standards by the Central Bank of Egypt (CBK).

Revenues increased to EGP 125.6 million during Q1-19 from EGP 105.6 million in Q1-18.

Arab Drug Co ascribed the increase is profit to higher sales and production.

It is noteworthy to remark that during the fiscal year 2018/2019, Arab Drug Co achieved net profit after tax worth EGP 43.103 million from EGP 39.47 million in the previous year.

Source: Mubasher

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