Cairo – Mubasher: Obour Land for Food Industries reported a 5.53% year-on-year rise in its consolidated profits during the first quarter of 2019.

The Egyptian firm’s net profits increased to EGP 53 million in the January-March period of this year, compared to EGP 50.2 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Wednesday.

Year-on-year, sales hiked to EGP 575.82 million in the three-month period ended 31 March from EGP 458.34 million.

As for standalone business, the company logged EGP 52.88 million in net profits in Q1-19, compared to EGP 50.14 million in the same period a year earlier.

For the full-year 2018, the EGX-listed firm recorded EGP 236.22 million in net profits from EGP 243.19 million in the previous year, including minority shareholders’ rights.