Cairo – Mubasher: Kahira Pharmaceuticals on Wednesday posted a 91% year-on-year hike in profits for fiscal year 2016/2017 due to higher sales and foreign exchange gains, according to a bourse filing.
The Egyptian firm achieved profits of EGP 97.8 million in FY16/17 ended June 2017 from EGP 51.3 million in the prior-year period.
Sales rose to EGP 686.4 million in FY16/17, versus EGP 505.9 million in the corresponding period of the fiscal year before.
Net profits amounted to EGP 71.9 million in the period between July 2016 and March 2017, compared to EGP 33 million in the same period a year earlier.
Kahira Pharmaceuticals attributed the surge in its FY16/17 profits to the increase in sales and the increase in foreign exchange gains to EGP 12.2 million, due to the liberalisation of exchange rate.
