Cairo – Mubasher: National Company for Maize Products’ profits for the first quarter of 2017 surged 495% year-on-year.

Net profit amounted to EGP 68.8 million in Q1-17, compared to EGP 11.57 million for Q1-16, according to a statement to the stock market.

Revenues increased in Q1-17 to EGP 362.8 million from EGP 186.8 million for Q1-16.

In another statement, the company said that its ordinary general meeting (OGM) has approved to sign a netting contract with Banque Misr to provide the company with credit facilities for 2017.

The OGM also adopted the financial statements for the year ended on 31 December 2016.