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Middle East Glass sees profit decline 92.5% in 9M

Middle East Glass sees profit decline 92.5% in 9M
The company generated EGP 1.18 billion in sales

Cairo – Mubasher: The consolidated net profits of Middle East Glass Manufacturing Co plunged by 92.5% year-on-year (YoY) to EGP 12.9 million in the first nine months of 2020 from EGP 173.76 million, including minority shareholders’ rights.

The company generated EGP 1.18 billion in sales in the nine-month period ended 30 September, down from EGP 1.3 billion in the corresponding period a year earlier, according to a bourse disclosure on Sunday.

As for standalone business, the company turned to net losses of EGP 2.4 million in the January-September period, against net profits of EGP 39.78 million in the year-ago period.

During the first half (H1) of 2020, the company achieved net profits of EGP 19.08 million, down from EGP 127.9 million in H1-19, including minority shareholders’ rights.