Cairo Poultry sees 27% profit decrease
Updated 11/17/2020 12:16:00 PM
ArabFinance: Cairo Poultry Company (CPC) posted a 27% Year on Year decline in its consolidated net profit in the first nine months of 2020, according to the company’s November 15th financial statements filed to the Egyptian Exchange.
Consolidated net profit before minority interest stood at EGP 110,846,131 in the January-September period of 2020, compared to EGP 152,040,926 achieved in the prior-year period.
Standalone net loss reached EGP 54,963,752 in the January-September period of 2020, against a net profit of EGP 18,549,602 posted in the corresponding period a year earlier.
In early May, the company agreed to sell its entire stake -13,654,312 shares- in the Egyptian Starch and Glucose Company to Cairo 3A Poultry.
CPC, a subsidiary of Kuwait Food Company, is an Egypt-based company that operates in the farming and food processing sectors.
The listed firm focuses on the breeding and fattening chicks, production of animal feed, and hatching of eggs, as well as participating in similar projects inside and outside Egypt.
