Cairo – Mubasher: Arabian Food Industries Co (Domty) reported a 28.6% year-on-year decline in its consolidated profits during the first quarter of 2019.
Domty’s net profits amounted to EGP 28.84 million in Q1-19 from EGP 40.44 million in the year-ago period, the dairy producer said in a statement to the Egyptian Exchange (EGX) on Thursday.
The Q1 net profit retreat was attributed to the increase in marketing expenses, with the company’s second largest quarterly advertising budget.
Year-on-year, sales rose to EGP 654.79 million in the three-month period ended 31 March, compared to EGP 591.9 million.
On the other hand, the company’s costs of sales grew to EGP 493.86 million in the January-March period of 2019 from EGP 450.37 million in the same period a year earlier.
As for standalone business, the company’s profits fell to EGP 24.51 million in Q1-19, compared to EGP 37.21 million in Q1-18.
For the full-year 2018, Domty logged EGP 154.6 million in net profit, compared to EGP 61.52 million in the previous year, including minority shareholders’ rights.
