Cairo – Mubasher: Minapharm Pharmaceuticals reported a 46.7% year-on-year decline in its consolidated profits during the first quarter of 2019.

Net profits stood at EGP 43.99 million in the January-March period of 2019, compared to EGP 82.6 million in the year-ago period, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.

Year-on-year, the company’s revenues rose to EGP 522.19 million in the three-month period ended 31 March from EGP 493.21 million.

On the other hand, the costs of revenues registered EGP 348.28 million in Q1-19, compared to EGP 289.51 million in Q1-18.  

As for standalone business, the company previously reported a net profit of EGP 6.48 million in the January-March period of 2019, compared to EGP 13.26 million in the same period a year earlier.

Net sales went up to EGP 384.85 million in Q1-19, compared to EGP 336.36 million a year earlier.

For the full-year 2018, Minapharm Pharmaceuticals logged a net profit of EGP 72.12 million from EGP 61.9 million in the previous year. 

Meanwhile, sales amounted to EGP 1.43 billion last year, compared to EGP 1.23 billion in 2017.