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EFIC's profit slides 38% in 2020 on lower sales

EFIC's profit slides 38% in 2020 on lower sales
EFIC generated EGP 1.42 billion in sales last year

Cairo – Mubasher: The consolidated net profits of Egyptian Financial and Industrial Company (EFIC) plunged by 38% year-on-year (YoY) to EGP 126.94 million in 2020, compared to EGP 203.56 million, including minority shareholders’ rights.

EFIC generated EGP 1.42 billion in sales last year, down from EGP 1.75 billion in 2019, according to a bourse disclosure on Thursday.

As for standalone business, the company achieved net profits of EGP 71.99 million in 2020, down from EGP 143.82 million a year earlier.

During the first nine months of 2020, the company posted net profits of EGP 82.79 million, down from EGP 127.4 million in the corresponding period in 2019.