Cairo – Mubasher: Middle East Glass Manufacturing Co. posted a 585.4% year-on-year leap in its net profits during the first nine months of 2019, the company’s consolidated financial statements showed. 

Net profits skyrocketed to EGP 173.76 million in the nine-month period ended 30 September, compared to EGP 25.35 million in the year-ago period, including minority shareholders’ rights, the company said in a filing to the Egyptian Exchange (EGX) on Sunday. 

Meanwhile, sales increased to EGP 1.3 billion in the January-September period from EGP 1.18 billion in the corresponding period a year earlier.

As for the third quarter of the year, the company’s net profits edged up to EGP 4.85 million, compared to EGP 4.83 million in Q3-18.

Earlier, the company announced that its standalone net profits for the January-September period surged to EGP 39.78 million from EGP 2.18 million in the prior-year period. 

It is worth mentioning that during Q1-19, the company’s consolidated net profits jumped to EGP 98.53 million from EGP 17.12 million in Q1-18, including minority shareholders’ rights.