Cairo – Mubasher: Modern Waterproofing (Bitumode) saw its net profit surging by 280% year-on-year during the first nine months of 2019, the company’s consolidated financial results showed on Wednesday.

The company’s net profit came in at EGP 40.5 million ($2.52 million) in the nine months to last September, jumping from EGP 10.66 million a year ago, according to a statement to the Egyptian Exchange (EGX).

Moreover, Bitumode generated EGP 331.8 million in net sales in the nine-month period, versus EGP 283.6 million in the year-ago period.

Standalone sales totalled EGP 315.598 million over the reported period, compared with EGP 265.25 million the year before.

It is worth noting that Bitumode’s net profit climbed to EGP 31.25 million in the first half of 2019, from EGP 5.11 million the year before, with sales growing to EGP 277.16 million from EGP 182.5 million.