Middle East Glass doubles quarterly earnings

This marked a Year on Year (YoY) rise of 123%

  

ArabFinance: Middle East Glass (MEG) posted a consolidated net profit of EGP 69.156 million in quarter one (Q1) 2021, according to the company’s May 25thfinancial statements filed to the Egyptian Exchange.

This marked a Year on Year (YoY) rise of 123% when compared to EGP 31.077 million in Q1 2020.

Standalone net profit reached EGP 15.384 million in Q1 2021, compared to a net loss of EGP 5.226 million incurred in the prior-year period.

The company earlier stepped back from increasing the issued capital from EGP 50,322,50 to EGP 83,122,580.

MEG is an Egypt-based company primarily engaged in the manufacture, sale, and export of glass containers in the Middle East and North Africa region.

The company’s product solutions include food jars, bottles, juice, carbonated bottles, and pharma, among others.

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