Memphis petrochemical turns into profitability in 6 months

CAIRO - 19 January 2020: Memphis Pharmaceutical and Chemical Industries turned into profitability during the first six months of the current fiscal year 2019/2020 on an annual basis, the company’s board of directors announced Sunday.

The company said in a statement to the Egyptian Stock Exchange (EGX) that it recorded a net profit after taxes of LE 3.34 million between the beginning of July and the end of December, compared to losses amounting to LE 18.05 million during the same period of the last fiscal year.

Memphis attributed its profitability shift to increased production and sales during the period.

During the first five months of the fiscal year, the company turned into profitability by LE 2.56 million between the beginning of July and the end of November, compared to losses amounting to LE 16.36 million during the same period of the last fiscal year.

Earlier, the unaudited financial results of the company showed a net profit of LE 1.17 million in the first quarter of fiscal year 2019/2020, compared to a loss of LE 12.93 million in the prior-year period.

Memphis Pharmaceutical operates within the pharmaceuticals, biotechnology & life sciences sector, focusing on pharmaceuticals. It has subsidiaries operating across Egypt, working on health care supplies and pharmaceuticals.