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Panda’s consolidated profits plunge 49% YoY in Q1

Panda’s consolidated profits plunge 49% YoY in Q1

ArabFinance: Arab Dairy Products Co. Arab Dairy’s (Panda) (ADPC) has reported a 48.91% year-on-year (YoY) decline in consolidated profits attributable to the parent company during the first quarter (Q1) of 2022, according to financial statements filed to the Egyptian Exchange (EGX) on Wednesday.

The company’s consolidated profits excluding minority interest dropped to EGP 3.296 million in Q1 2022 from EGP 6.452 million in Q1 2021.

Consolidated sales plummeted to EGP 292.798 million in the three-month period ended March 31st, from EGP 383.136 million in the same period a year earlier.

As for standalone financials, Panda posted a net profit after tax of EGP 3.424 million in the January-March period from EGP 4.563 million in the year before.

Panda is an Egypt-based company engaged in the dairy industry. The company exports its products to Middle Eastern countries, such as Lebanon, Jordan, Libya, the United Arab Emirates, Saudi Arabia, Palestine, Bahrain, Oman, and Kuwait.

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