An amount of $6.08mln has been financed by the shareholders’ credit balances
By Staff Writer, Mubasher
Cairo – Arab Dairy Products Co. (Panda) announced that it used all its capital raise proceeds amounting to EGP 100 million at the end of 2019.
An amount of EGP 97.6 million, financed by the shareholders’ credit balances, has been used to strengthen the company’s financial position and purchase production requirements, the company said in a statement to the Egyptian Exchange (EGX) on Tuesday.
In addition, a total of EGP 2.37 million, paid in cash, has been used to purchase feedstock and production requirements.
It is worth noting that in 2019, Arab Dairy Products Co. reported net profits of EGP 52.52 million, up from EGP 41.29 million in 2018.
Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.