Cairo – Mubasher: Lecico Egypt on Tuesday reported turning to profitability on an annual basis last year.

The company has achieved a net profit of EGP 37.6 million in 2017, versus a net loss of EGP 47.8 million a year earlier, including minority shareholders’ rights, the company said in a filing to the Egyptian Exchange (EGX).

Meanwhile, standalone losses recorded around EGP 52.9 million in 2017, against profits of EGP 27.9 million in 2016.

Given that Lecico had turned profitable in the first nine months of 2017 with a net profit of EGP 30.7 million, compared to EGP 128.7 million losses in the same period of 2016.