Cairo – Mubasher: Obour Land for Food Industries on Tuesday announced a 96.5% year-on-year surge in profits in the third quarter of 2017.

The dairy products company logged EGP 80.56 million in profits in Q3-17, a sharp rise from EGP 40.99 million in the same period of 2016, according to a statement to the Egyptian Exchange (EGX).

Meanwhile, profits for the nine-month period from January to September increased to EGP 176.46 million from EGP 10.11 million in year-ago period of 2016.

Obour Land’s sales surged during the nine-month period to EGP 1.46 billion versus EGP 1.05 billion in the same period of 2016, the statement showed.

Obour Land’s board last agreed on establishing a dairy production firm at an estimated cost ranging between EGP 105 million and EGP 115 million.  

The dairy products firm had previously posted EGP 95.9 million in profits in the first six months of 2017 compared to EGP 69.12 million in the same period the year before.