Cairo – Mubasher: Minapharm Pharmaceuticals posted a 37.4% decline year-on-year in its profits in fiscal year 2016, according to a bourse statement.
Profits reached EGP 40.45 million in 2016, compared to EGP 64.6 million in 2015.
The company’s sales reached EGP 905.3 million in 2016, compared to EGP 852.79 million in 2015.
Currency exchange losses reached EGP 11.84 million due to the Egyptian pound's flotation.
The company’s board recommended 45% dividends, amounting to EGP 122.93 million for FY16.
Minapharm’s shareholders will hold their meeting on 30 April to approve the company’s financial statements and proposed dividends.
