Cairo – Mubasher: Utopia posted on Thursday a net profit of EGP 5.43 million for the fourth quarter of fiscal year 2016, against a net loss of EGP 440,000 for Q4-15.

Annual profits rose 28.39% to EGP 6.16 million for fiscal year 2016, versus EGP 4.79 million for FY15.

The company said the turn to profitability was attributed to paying tax provisions worth EGP 12.4 million, according to a bourse statement.