Cairo – Mubasher: The financial indicators of the National Company for Maize Products on Tuesday showed a 199% year-on-year hike in profits for the nine months ended September 2017 due to higher revenues.
Net profit amounted to EGP 171.3 million in the nine-month period of 2017, compared to EGP 57.27 million in the prior-year period, the company said in a filing to the Egyptian Exchange (EGX).
Revenues surged 69% to EGP 1.13 billion in the period between January and September 2017 from EGP 670.7 million in the corresponding period of 2016.
The company indicated that net profit of the nine-month period has overcome losses resulted from the Egyptian pound flotation in 2016 of about EGP 29.4 million at the end of September 2017, according to the statement.
In the first half of 2017, net profit leaped to EGP 128.78 million from EGP 30.7 million in H1-16.
National Maize Products closed Monday’s trading session up 1.17% at EGP 38.77 with a turnover of EGP 3.3 million.
