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EIPICO logs EGP 671m profit in 2019 unaudited financials

EIPICO logs EGP 671m profit in 2019 unaudited financials
Revenues grew to EGP 3.411 billion inn 2019
EIPICO
PHAR
-2.36% 46.00 -1.11

Cairo – Mubasher: The unaudited consolidated results of the Egyptian International Pharmaceutical Industries (EIPICO) reported a 4% year-on-year profit decline during 2019.

Net profits went down to EGP 671.4 million last year from EGP 701.3 million in 2018, EIPICO said in a statement to the Egyptian Exchange (EGX) on Tuesday.

On the other hand, revenues grew to EGP 3.411 billion in 12-month period ended 31 December 2019, compared to EGP 2.815 billion a year earlier.

As for standalone business, the EGX-listed firm’s net profits shrank to EGP 611.54 million in 2019 from EGP 651.78 million in the previous year.

It is noteworthy that during the first nine months of 2019, EIPICO reported net profits of EGP 522.2 million, up from EGP 492.1 million in the year-ago period.