ArabFinance: Memphis Pharmaceutical posted a net profit of EGP 25.373 million in quarter one (Q1) of 2021, according to the company’s unaudited financial statements filed to the Egyptian Exchange.

This marked a Year on Year (YoY) rise of 96% when compared to EGP 5.221 million in Q1 2020.

Moreover, the company’s revenues went up to EGP 395.57 million in Q1 2021 from EGP 378.317 million in Q1 2020.

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.