Obour Land reports 5% profit increase

ArabFinance: Obour Land for Food Industries reported a 5% Year on Year increase in its consolidated net profit in 2020, according to the companys January 21^stfinancial statements filed to the Egyptian Exchange.

Consolidated net profit before minority interest stood at EGP 310,365,589 in 2020, compared to EGP 295,277,928 achieved a year earlier.

Standalone net profit reached EGP 310,411,889 in 2020, a 5% rise from EGP 294,834,047 posted last year.

The company decided to distribute dividends to shareholders of EGP 240 million.

Obour Land intends to increase its sales to EGP 2.75 billion at the end of 2020, the companys Director of Investor Relations Ramy el Ghazaly said.

Established in 1997 and listed in 2016, Obour Land for Food Industries is an Egypt-based manufacturing company, which is specialized in the production, processing and packaging of white cheese.