NUDAP reports 97% profit decline
Updated 6/15/2020 5:00:58 PM
ArabFinance: North Upper Egypt for Development and Agricultural Production Company (NUDAP) (NEDA) reported a 97% Year on Year decrease in its consolidated net profit in Quarter one (Q1) of 2020, according to the company's June 15th financial statements filed to the Egyptian Exchange.
Consolidated net profit stood at EGP 42,290 in Q1 2020, compared to EGP 1,432,730 achieved in Q1 2019.
The company incurred a standalone net loss of EGP 616,639 in Q1 2020, against posting a net profit of EGP 1,013,561 in Q1 2019.
NUDAP decided to split its shares' par value to be EGP 1 instead of EGP 10, maintaining the issued and paid-up capital unchanged, the statement added.
NUDAP is an Egypt-based public shareholding company that operates in the agricultural sector. The company is primarily engaged in producing and trading agricultural chemicals such as fertilizers, insecticides, and pesticides.
