Cairo – Mubasher: Arab Dairy Products Co. (Panda) reported a 1,927% year-on-year surge in its consolidated profits during the first quarter of 2019.

Net profits skyrocketed to EGP 17.29 million in the January-March period of 2019, compared to EGP 853,024 in the year-ago period, the dairy producer said in a statement to the Egyptian Exchange (EGX) on Thursday.

Meanwhile, sales rose to EGP 313.47 million in Q1-19 from EGP 293.25 million in Q1-18.

Year-on-year, Panda posted standalone profits of EGP 17.13 million, compared to EGP 716,623 million in the same period a year earlier.

During the 12-month period ended 31 December 2018, the dairy producer logged EGP 41.29 million in net profits, against a net loss of EGP 29.32 million in 2017, including minority shareholders’ rights.

Sales increased to EGP 1.18 billion last year from EGP 1.14 billion in 2017.