Cairo – Mubasher: The Arab Dairy Products Co. (Panda) on Wednesday posted it has turned profitable in 2018, as compared with 2017.

Consolidated profits reached EGP 41.29 million during the 12-month period ended December 2018, against a net loss of EGP 29.32 million in 2017, including minority shareholders’ rights, according to a filing to the Egyptian Exchange (EGX).

Sales increased to EGP 1.18 billion last year from EGP 1.14 billion a year earlier, the dairy producer added.

Meanwhile, standalone profits amounted to EGP 40.9 million in 2018, against a net loss of EGP 29.6 million in 2017.

Panda is targeting a 27% year-on-year growth in sales in 2019, the company revealed in a separate statement.

The Egyptian cheese maker is looking to log EGP 1.5 billion in sales this year, which is EGP 316 million higher than 2018 sales, according to the statement.

Moreover, the company said its domestic sales rose by 37% year-on-year or EGP 209 million in 2018, while its exports jumped by 17% or EGP 107 million.

The EGX-listed firm’s management has set an investment scheme of EGP 74 million for this year for all the company’s departments.

Panda previously reported EGP 26.4 million in profits during the nine-month period ended September, against a net loss of EGP 11.22 million in the corresponding period of 2017.

Sales rose to EGP 861.6 million in the January-September period of 2018, versus EGP 829.8 million in the same period a year earlier.