Cairo – Mubasher: Universal for Paper and Packaging Materials Company (Unipack) posted on Tuesday a net profit of EGP 5.9 million for the fourth quarter of fiscal year 2016, 15.9% up from EGP 5.09 million for Q4-15.

Net profits for fiscal year 2016 increased 13.4% to EGP 11.07 million from EGP 9.76 million for FY15, according to a bourse filing.

Sales grew in FY16 to EGP 240.5 million from EGP 209.9 million for FY15.

Foreign exchange losses amounted to EGP 1.8 million during 2016, another statement said.

The company’s board recommended to freeze dividends for this year, subject to the approval of the ordinary general meeting (OGM).