Cairo – Mubasher: Memphis Pharmaceutical and Chemical Industries’ adjusted financial statements for fiscal year (FY) 2021/2022 indicated a 77% annual hike in profits.

Earnings of the EGX-listed firm amounted to EGP 74.08 million during the period from July 2021 to June 2022, compared to EGP 41.80 million a year earlier, according to a stock exchange statement on Sunday.

Sales for FY21/22 totalled EGP 551.26 million, a rise of 6% when compared to EGP 518.11 million in FY20/21.

Earlier, the company announced it plans to achieve net profits before tax worth EGP 50 million in FY22/23, compared to its target of EGP 43 million for FY21/22.