Cairo – Mubasher: Obour Land for Food Industries reported a 28.3% year-on-year (YoY) rise in its net profits during the first quarter of 2020, the company’s consolidated financial statements showed.

The company’s net profits reached EGP 68.05 million in the January-March period of 2020, compared to EGP 53 million in the year-ago period, including minority shareholders’ rights, according to a bourse disclosure on Thursday.

Meanwhile, sales rose to EGP 582.83 million in Q1-20 from EGP 575.82 million in Q1-19.

As for standalone business, Obour Land logged net profits of EGP 68.08 million in the three-month period ended 31 March, up from EGP 52.88 million in the corresponding period a year earlier.

For the full-year 2019, the Egyptian company’s net profits surged to EGP 295.28 million, compared to EGP 238 million in 2018.