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Middle East Glass Q1 profit hikes 97%

Middle East Glass Q1 profit hikes 97%
Net profits amounted to EGP 17.1 million in Q1-18

Cairo – Mubasher: Middle East Glass Manufacturing Company’s (MEGM) consolidated financial results showed a hike of 96.7% year-on-year in profits for the first quarter of 2018.

Net profits amounted to EGP 17.1 million in Q1-18, compared to GEP 8.7 million in Q1-17, according to the company’s statement to the Egyptian Exchange (EGX) released on Wednesday.

Sales rose to EGP 374.5 million in the first three months of 2018, versus EGP 340.9 million in the same period of the prior year.

As for standalone statements, MEGM turned a profit in Q1-18 generating an earning of EGP 1.2 million, against a loss of EGP 6.5 million in the same period of the previous year.

MEGM’s sales increased to EGP 146.4 million in Q1-18, compared to EGP 124.5 million in Q1-17, the EGX-listed firm noted.