Middle East Glass Manufacturing reports 37% profit decline
Updated 5/3/2020 11:37:56 AM
ArabFinance: Middle East Glass Manufacturing Company (MEGM) posted a 37% Year on Year (YoY) decline in its net consolidated profit for 2019, according to a May 3rd disclosure filed to the Egyptian Exchange.
Consolidated net profit reached EGP 157,556,317 in 2019, a drop from EGP 250,171,813 achieved a year earlier.
Nevertheless, standalone net profit stood at EGP 21,552,279 in 2019, a 94% decrease from EGP 337,367,715 posted in 2018.
The company’s board of directors decided to cancel dividends for 2019.
The company has earlier annulled its capital increase due to the repercussions of coronavirus (COVID-19) and precautionary measures on its activities.
Last November, the company ratified the issued capital increase by EGP 32.8 million from EGP 50,322,580 to 83,122,580.
Middle East Glass is an Egypt-based company primarily engaged in the manufacture, sale, and export of glass containers in the Middle East and North Africa region. The company’s product solutions include food jars, bottles, juice, carbonated bottles, and pharma, among others.
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