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Shorouk for Modern Printing achieves 397% profit rise

Shorouk for Modern Printing achieves 397% profit rise

ArabFinance:  Shorouk for Modern Printing and Packaging (SMPP) reported a 397% Year on Year increase in its consolidated net profit for the first half (H1) of 2020, according to the company’s September 3rd financial statements filed to the Egyptian Exchange.

Consolidated net profit after minority interest stood at EGP 82,955,361 in H1 2020, compared to EGP 16,698,319 achieved in the prior-year period.

Standalone net profit reached EGP 57,347,946 in H1 2020, a 47.5% rise from EGP 38,885,212 posted in H1 2019.

SMPP attributed the higher profits to a decline in the cost of sales by 9% and rationalized use of credit facilities by 2%.

The company distributed annual cash dividends for 2019 of EGP 2 per share on August 30th to the shareholders recorded on August 25th.

Shorouk for Modern Printing was established in 1979 as a private printing press. The company specializes in printing both books and magazines, in addition to packaging boxes and folding carton boxes.

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