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Middle East Glass reports 41% lower profit in 2020

Middle East Glass reports 41% lower profit in 2020
The sales fell to EGP 1.6 billion last year

Cairo – Mubasher: Middle East Glass Manufacturing Co recorded consolidated net profits of EGP 93.07 million in 2020, down by 40.9% year-on-year (YoY) from EGP 157.55 million, including minority shareholders’ rights.  

The sales fell to EGP 1.6 billion last year, compared to EGP 1.71 billion in 2019, the company said in a bourse disclosure on Wednesday.

As for standalone business, the company logged EGP 52.37 million in net profits in 2020, up from EGP 21.55 million a year earlier.

During the first nine months of 2020, Middle East Glass Manufacturing Co posted net profits of EGP 12.9 million, down from EGP 173.76 million in the corresponding period a year earlier, including minority shareholders’ rights.