Cairo - Mubasher: The financial statements of Egyptian International Pharmaceutical Industries (EIPICO) showed a growth in profits by 22% year-on-year in the fourth quarter of 2016.

The company said in a statement to the Egyptian Exchange (EGX) on Monday that it has achieved profits of EGP 119.7 million in Q4-16 compared to EGP 98.05 million in Q4-15.

As for annual profits, profits grew by 24% in 2016 to EGP 487.75 million up from EGP 393.25 million in 2015, the statement indicated.

Independent profits increased to EGP 468.9 million in 2016 compared to EGP 370.8 million in the year before.

The company said in a separate bourse filing that it has achieved FX losses of EGP 14.4 million.

EIPICO’s board of directors has recommended the distribution of cash dividends at EGP 277.6 million distributed of 79.3 million shares at EGP 3.5 per share.