ArabFinance: Memphis Pharmaceutical reported a 113% Year on Year rise in its consolidated net profit in 2020, according to the company’s March 31^st financial statements filed to the Egyptian Exchange.

Consolidated net profit before minority interest stood at EGP 300.781 million in 2020, compared to EGP 141.091 million achieved in 2019.

Standalone net profit reached EGP 144.550 million in 2020, a 214% rise from EGP 46.035 million posted in 2019.

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.