Cairo – Mubasher: Middle East Glass Manufacturing Company (MEG) reported a 294.3% year-on-year increase in its consolidated profits in 2018.

The glass manufacturer’s profits amounted to EGP 250.171 million last year, compared to EGP 63.447 million in 2017, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

Year-on-year, net sales rose by EGP 252 million to EGP 1.601 billion in the 12-month period ended 31 December from EGP 1.349 billion.

As for standalone business, the company turned into profits of EGP 337.367 million in 2018, against losses of EGP 484,389 a year earlier.

During the first nine months of 2018, MEG turned into profits of EGP 2.18 million, versus losses of EGP 19.7 million in the corresponding period of 2017.