Cairo - Mubasher: The consolidated financial statements of Minapharm Pharmaceuticals showed a decline in profits by 48.2% last year, according to a bourse filing.
The company said in a statement to the Egyptian Exchange (EGX) on Thursday that profits totalled EGP 47.3 million in 2016 compared to EGP 91.3 million in the year before.
Net sales reached EGP 1 billion up from EGP 966.23 million in 2015.
In a separate bourse filing, the company revealed that it was negatively affected by the Egyptian pound's flotation, as it resulted in foreign exchange losses of EGP 2.33 million.
Independent financial statements previously showed a 37.4% decline year-on-year in profits in fiscal year 2016 to EGP 40.45 million compared to EGP 64.6 million in FY15.
The company’s board of directors recommended the distribution of 45% dividends, amounting to EGP 122.93 million in the previous year.
