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MB for Engineering profits surge 333% in 3M

MB for Engineering profits surge 333% in 3M
(Photo Credit: Arabianeye-Reuters)
MB
MBEN
-9.09% 3.60 -0.36

Cairo – Mubasher: MB for Engineering and Contracting on Monday reported a year-on-year consolidated profit increase of 332.9% in the first quarter of 2017.

Net profits rose to EGP 3.85 million in Q1-17, compared to EGP 890,300 in Q1-16, according to a filing to Egyptian Exchange (EGX).

Sales rose 72.3% reaching EGP 31.6 million in Q1-17, compared to EGP 18.4 million in the same quarter in the year earlier, the statement added.

Meanwhile, standalone profits slid 97.22% to EGP 21,500 in Q1-17, compared to EGP 772,700 in the corresponding period in the year before.

The Egypt-listed company had previously reported a 15.9% growth to EGP 8.9 million in 2016.

By 11:43 am Cairo time, the stock added 1.01% to reach EGP 1.