Cairo – Mubasher: Arab Dairy Products Co. (Panda) reported a 21.9% year-on-year profit drop during the first nine months of 2019, the company’s consolidated financial results showed.

The Egyptian dairy firm logged a net profit of EGP 20.64 million in the January-September period, compared to EGP 26.43 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Sunday.

Sales rose to EGP 916.98 million in the nine-month period ended 30 September from EGP 861.69 million in the corresponding period of 2018.

On the other hand, the company’s cost of sales increased to EGP 736.7 million at the end of September, compared to EGP 695.89 million in the prior-year period.

As for the third quarter of the year, Arab Dairy Products Co’s net profit shrank 96.3% to about EGP 632,970 from EGP 17.58 million in Q3-18.

At the level of standalone financials for the January-September period, the company posted a net profit of EGP 20.45 million, compared to EGP 26.13 million in the same period a year earlier.

It is noteworthy that during the first half of 2019, the EGX-listed firm’s net profits surged to EGP 20 million from EGP 8.84 million in H1-18.