Cairo – Mubasher: The ordinary general meeting of Alexandria Medical Services (Alexandria New Medical Centre) said Sunday that its profits for the first quarter of fiscal 2016 rose by 51% year-on-year.

Net profit reached EGP 4.04 million ($454,400) in Q1-16, versus EGP 2.68 million ($301,400) in Q1-15, according to a bourse filing.

The company earlier reported a net profit after tax of EGP 12 million in 2015.

The company also announced that it has decided to establish a company for the safe disposal of medical waste with a capital of EGP 1 million, in partnership with eight hospitals.