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Misr Chemical Industries sees profit jumping 606% in 5M

Misr Chemical Industries sees profit jumping 606% in 5M
The company also announced the appointment of a new board of directors
Misr Chemical Industries
MICH
-2.60% 36.03 -0.96

Cairo – Mubasher: Misr Chemical Industries reported a 606.5% year-on-year (YoY) leap in its net profit, registering EGP 72.16 million during the first five months of fiscal year 2020/2021, compared to EGP 10.21 million.

The company also announced the appointment of a new board of directors for a three-year term, to be headed by Wael Mohamed Hassan Shams El-Din as a Non-Executive Chairman, according to a bourse disclosure on Tuesday. 

During the first quarter (Q1) of FY20/21, the company’s net profits soared by 370% to EGP 41.88 million from EGP 8.916 million in the year-ago period.