Cairo – Mubasher: The standalone financial statement of the Middle East Glass Manufacturing Co. showed a 1,724.7% year-on-year surge in its net profits during the first nine months of 2019.

Net profits hiked to EGP 39.78 million in the January-September period from EGP 2.18 million in the year-ago period, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.

Sales increased to EGP 543.18 million in the nine-month period ended 30 September, compared to EGP 521.54 million in the corresponding period a year earlier.

As for the third quarter of 2019, the company turned to losses of EGP 11.05 million, against profits of EGP 6.54 million in Q3-18.

It is noteworthy that during the first quarter of the year, the company’s consolidated net profits soared to EGP 98.53 million from EGP 17.12 million in Q1-18, including minority shareholders’ rights.

As for standalone financials, the company’s profits hiked to EGP 54.09 million in Q1-19, compared to EGP 1.2 million in the year-ago period.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2019 Provided by SyndiGate Media Inc. (Syndigate.info).

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.