Sabaa International Company for Pharmaceutical and Chemical Industry (SIPC) posted EGP 1 million net profit for H1-14, with 23% rise year-over-year from EGP 821 thousand net profit.
Q1-14 profit had amounted to EGP 832.6 thousand, compared with EGP 340.7 thousand in Q1-13.
The company had announced late in July it received EGP 5 million as the first tranche of the zero-interest loan worth EGP 30 million agreed to be obtained from major shareholders.
The company had announced in May it raised a zero-interest loan worth EGP 30 million from major shareholders, partially financed from proceeds of the company’s share offering.
According to the company, the facility will go for financing project till receiving the capital hike proceeds. The loan will be repaid over two financial years maximum. The company had opened subscription to its rights issue during the period May 18-22, 2014.
The company posted net profit of EGP 833 thousands for Q1-FY14, with an increase by 144%.
The company said earlier its extraordinary general meeting approved the stock’s fair value at EGP 8.65, and the offering price at EGP 8 on EGX