Cairo – Mubasher: Memphis Pharmaceutical and Chemical Industries’ ordinary general meeting (OGM) on Monday announced approving the estimated budget for fiscal year 2019/2020.

The OGM also endorsed the investment plan for FY19/20, according to a statement to the Egyptian Exchange (EGX).

Memphis Pharmaceutical’s estimated budget aims to achieve a profit of EGP 12.4 million in the next fiscal year, against suffering a loss of EGP 46.7 million by the end of June 2018.

The firm also seeks to pump EGP 12.8 million investments in the next year.

On a separate note, the extraordinary general meeting (EGM) approved to amend article number 28 of its articles of association.

In mid-March, Memphis Pharmaceutical reported a 32.9% year-on-year decline in its losses for the first eight months of fiscal year 2018/2019, reaching EGP 16.5 million, versus EGP 24.6 million in the corresponding period a year earlier.