Cairo – Mubasher: Ibnsina Pharma on Monday reported a 46% year-on-year surge in profits for the first quarter of 2018, recording EGP 27.9 million from EGP 19.10 million.

Revenues doubled to EGP 2.9 billion in Q1-18, versus EGP 1.9 billion in the prior-year period, the pharmaceuticals firm said in a filing to the Egyptian Exchange (EGX).

The company’s audited financial statements showed a 67.21% growth in 2017 profits, rising to EGP 170.14 million from EGP 101.75 million in 2016.

Annual revenues increased to EGP 9.82 billion last year, compared to EGP 7.4 billion in 2016. 

Ibnsina Pharma had previously said it aims to invest around EGP 150 million to EGP 200 million in the coming five years.