ArabFinance: Memphis Pharmaceutical (MPCI) targets a net profit after tax of EGP 40.951 million in the fiscal year (FY) 2021/2022, according to the company’s March 7^th statement filed to the Egyptian Exchange.

The listed company approved the budget for FY 2021/2022, aiming to achieve revenues of EGP 597 million.

Memphis pharmaceutical posted a net profit of EGP 18.816 million in July-December 2020, compared to EGP 3.340 million achieved in the prior-year period.

Earlier, the company's extraordinary general meeting earlier approved setting the authorized capital at EGP 300 million instead of EGP 100 million in its articles of association.

Memphis is one of the oldest pharmaceutical and chemical companies in the Middle East and has been in the market since 1940.