Cairo – Mubasher: The consolidated net profits of Modern Shorouk Printing and Packaging leapt by 365.4% year-on-year (YoY) to EGP 192.39 million in 2020, compared to EGP 41.33 million, the unaudited financial results showed.

The company’s revenues increased to EGP 1.61 billion last year from EGP 1.54 billion in 2019, according to a bourse disclosure on Tuesday.

The profit growth was attributed to a 6% decrease in the cost of sales and a 20% decline in the cost of financing.

As for standalone business, the company achieved net profits of EGP 124.1 million in 2020, up from EGP 80.43 million in 2019.

 During the first nine months of 2020, the company logged EGP 140.73 million in consolidated net profits, compared to EGP 33.92 million in the corresponding period a year earlier.