Cairo – Mubasher: Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents (Rameda) reported a 37% year-on-year profit decline during 2019, the company’s consolidated financial statements showed.

Rameda’s net profits plunged to EGP 81.67 million last year from EGP 128.78 million in 2018, including minority shareholders’ rights, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

Meanwhile, revenues rose to EGP 893.9 million in the 12-month period ended 31 December 2019, compared to EGP 805.5 million a year earlier.

As for standalone business, the company’s net profits retreated to EGP 82.98 million in 2019 from EGP 128.72 million in the prior year.

It is worth mentioning that during the January-September period of 2019, Rameda reported net profits of EGP 31.14 million, down from EGP 76.64 million in the corresponding period a year earlier, including minority shareholders’ rights.

Source: Mubasher

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