Cairo – Mubasher: The board of directors of Speed Medical Company approved a proposal by Board Member Ismail Gadallah for allocating 1.25% the company’s activity revenues to research and development (R&D) in the fields of scientific research and medical research.
The company will look for opportunities and partnerships with local and foreign scientists to achieve this goal, according to a bourse disclosure on Monday.
In this regard, the board approved a recommendation to enter into partnerships to register patents in the name of the company and the owners of the ideas and inventions as long as they are applicable and represent an addition to the company.
During the first six months of 2020, Speed Medical Company achieved net profits of EGP 21.2 million, up from EGP 10.75 million in the year-ago period.
