Cairo – Mubasher: Middle East Glass Manufacturing Company registered a 475.5% year-on-year profit surge during the first quarter of 2019, the company’s consolidated financial statements showed.

Net profits skyrocketed to EGP 98.53 million in the three-month period ended 31 March, compared to EGP 17.12 million in the year-ago period, including minority shareholders’ rights, according to a filing to the Egyptian Exchange (EGX) on Wednesday.

Year-on-year, sales surged to EGP 454.22 million in the January-March period of 2019 from EGP 374.51 million in the prior-year period.

As for standalone business, the company’s profits hiked to EGP 54.09 million in Q1-19, compared to EGP 1.2 million in Q1-18.

For the full-year 2018, the glass manufacturer’s net profits stood at EGP 250.171 million, up from EGP 63.447 million in the previous year.  

Sales increased by EGP 252 million year-on-year to EGP 1.601 billion from EGP 1.349 billion in 2017.

At the level of standalone business, the company turned to a profit of EGP 337.367 million last year, versus a loss of EGP 484,389 in 2017.