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Misr Chemical turns profitable in FY17/18

Misr Chemical turns profitable in FY17/18
The company has generated a net profit of EGP 140.1 million during the July-June period of FY17/18
Misr Chemical Industries
MICH
-0.40% 44.61 -0.18

Cairo – Mubasher: The financial indicators of Misr Chemical Industries showed it has turned to profitability at the end of fiscal year 2017/2018 due to a growth in revenues.

The company has generated a net profit of EGP 140.1 million during the July-June period of FY17/18, against a net loss of EGP 23.8 million in the year-ago period, according to a filing to the Egyptian Exchange (EGX) on Sunday.

Revenues jumped by 153% year-on-year, recording around EGP 400 million in the fiscal year ended June, compared to EGP 158.3 million in the same period a year earlier.

It is worth noting that the financial indicators of Misr Chemical previously showed a 664% year-on-year hike in profits for the 11-month period ended May, registering EGP 132.3 million in profit, versus EGP 17.3 million.