Cairo – Mubasher: Middle East Glass Manufacturing Co reported an 85% year-on-year (YoY) decrease in its net profits, logging EGP 19.08 million during the first half (H1) of 2020, compared to EGP 127.9 million, including minority shareholders’ rights.
The company’s sales declined to EGP 719.2 million in the January-June period from EGP 889.2 million in the same period in 2019, according to a bourse disclosure on Tuesday.
In addition, the standalone financial results showed net profits of EGP 1.3 million in H1-20, down from EGP 50.8 million in H1-19.
During the first three months of 2020, the company’s net profits fell to EGP 31.07 million from EGP 98.53 million in the prior-year period, including minority shareholders’ rights.
