Cairo – Mubasher: The consolidated financial statements of Middle East Glass Manufacturing Co. showed a 37% year-on-year (YoY) profit decrease during 2019.

The company’s net profits plunged to EGP 157.55 million last year from EGP 250.17 million in 2018, according to a disclosure to the Egyptian Exchange (EGX) on Sunday.

Meanwhile, the company generated EGP 1.71 billion in sales during 2019, compared to EGP 1.6 billion in the prior year.

As for standalone business, the EGX-listed firm’s net profits shrank to EGP 21.55 million last year from EGP 337.36 million in 2018.

It is noteworthy to mention that in the January-September period of 2019, the company’s net profits surged to EGP 173.76 million from EGP 25.35 million in the year-ago period, including minority shareholders’ rights.