EIPICO sees profit drop

Consolidated net profit declined 27.4% Year on Year (YoY) in 2020


ArabFinance: The consolidated net profit of the Egyptian International Pharmaceutical Industries Company (EIPICO) (PHAR) recorded EGP 487.4 million in 2020, the company stated in a statement to the Egyptian Exchange on February 24th.

Consolidated net profit declined 27.4% Year on Year (YoY) in 2020, compared to EGP 671.45 million in 2019.

The company’s standalone net profit went down 30.9% YoY to EGP 422.83 million during the January-December period of 2020, compared to EGP 611.55 million in the corresponding period of 2019.

The pharmaceutical company reported a 35% YoY decline in its consolidated net profit in the first nine months of 2020, achieving EGP 339.46 million, compared to EGP 522.19 million in the prior-period year.

EIPICO is an Egypt-based public shareholding company that operates in the pharmaceutical industry. It 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.

Copyright © 2021 Arab Finance Brokerage Company All rights reserved. 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.

More From Equities