EIPICO posts 13% profit decline

EIPICO posted a 13% Year on Year decrease in its consolidated net profit for Quarter 1


ArabFinance: The Egyptian International Pharmaceutical Industries Company (EIPICO) (PHAR) posted a 13% Year on Year decrease in its consolidated net profit for Quarter 1 (Q1) of 2020, according to the company’s May 11th financial statements filed to the Egyptian Exchange.

Consolidated net profit reached EGP 189.098 million in Q1, compared to EGP 218.314 million achieved the prior-year period.

Nevertheless, standalone net profit reached EGP 165.208 million in Q1, a 19% decline from EGP 203.316 million posted in Q1 2018.

Earlier, the company announced distributing a cash dividend of EGP 4.0655 per share on April 27th.

EIPICO is an Egypt-based public shareholding company that operates in the pharmaceutical industry. The company is a manufacturer and exporter of pharmaceuticals and holds license agreements with a group of international pharmaceutical companies to produce their products locally and replace the imported ones.

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