Cairo – Mubasher: Arab Dairy Products Co. (Panda) signed an agreement with the Egyptian Ministry of Finance and Ministry of Trade and Industry to settle export subsidy arrears.

Under the agreement, the Egyptian dairy firm will receive EGP 113 million due to be paid by Export Development Fund for the company’s exports until 30 June 2019, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

The amount will be used to finance the company’s investments and expansion plans.

It is noteworthy that on 3 February, the Egyptian finance minister Mohamed Maait and the minister of trade and industry Nevine Gamea signed agreements with 31 companies to settle overdue export subsidies.

During the first nine months of 2019, the EGX-listed firm reported net profits of EGP 20.64 million, compared to EGP 26.43 million in the corresponding period a year earlier.