Cairo – Mubasher: The standalone financial statement of the Middle East Glass Manufacturing Co. showed a 1,724.7% year-on-year surge in its net profits during the first nine months of 2019.

Net profits hiked to EGP 39.78 million in the January-September period from EGP 2.18 million in the year-ago period, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.

Sales increased to EGP 543.18 million in the nine-month period ended 30 September, compared to EGP 521.54 million in the corresponding period a year earlier.

As for the third quarter of 2019, the company turned to losses of EGP 11.05 million, against profits of EGP 6.54 million in Q3-18.

It is noteworthy that during the first quarter of the year, the company’s consolidated net profits soared to EGP 98.53 million from EGP 17.12 million in Q1-18, including minority shareholders’ rights.

As for standalone financials, the company’s profits hiked to EGP 54.09 million in Q1-19, compared to EGP 1.2 million in the year-ago period.