Cairo – Mubasher: The Egyptian Holding Company for Pharmaceuticals, Chemicals and Medical Appliances announced turning to profitability during fiscal year 2018/2019, the company’s consolidated financial statements showed.
The company reported net profits of EGP 360.9 million from July 2018 to June 2019, against net losses of EGP 112 million a year earlier, according to a statement released by the Ministry of Public Enterprise Sector on Thursday.
Revenues rose by 34.5% year-on-year to EGP 15.7 billion.
As for standalone business, the company posted a 63% increase in its net profits to EGP 140 million and achieved a 29% growth in its revenues to EGP 319 million in FY18/19.
The company’s subsidiaries also turned to profitability with EGP 383 million in the last fiscal year, against net losses of EGP 128 million in FY17/18.
Revenues of subsidiary companies rose by 31.9% year-on-year to EGP 16.9 billion in FY19/20.
In addition, the ordinary general meeting (OGM) announced that the Ministry of Finance’s share of the company’s profits amounted to EGP 45 million.
