Cairo – Mubasher: Arab Dairy Products Company posted on Wednesday a fall of 67.3% in its consolidated net profit for fiscal year 2016 to EGP 1.6 million, versus EGP 4.9 million for FY15.
Consolidated sales grew in FY16 by 20.3% to EGP 646.6 million from EGP 537.3 million in FY15, according to a bourse filing.
Standalone profits for FY16 shrank 72.3% to EGP 1.4 million, compared to EGP 5.06 million for FY15.
Foreign exchange losses amounted to EGP 14 million in the year ended on 31 December 2016, said another statement.
The company said that it seeks to raise its sales by 155% to EGP 166 billion in FY17 with an investment budget worth EGP 22.5 million.
The board of directors recommended not to distribute cash dividends for FY16. The proposal will be submitted to the ordinary general meeting (OGM) scheduled for 12 April.
