Arab Finance: Memphis Pharmaceutical (MPCI) turned to profitability in the first quarter (Q1) of fiscal year (FY) 2022/2023, according to the financial income statement filed to the Egyptian Exchange (EGX) on November 14th.

The company recorded a net profit after tax of EGP 12.66 million during the three-month period ended September 30th, versus a net loss of EGP 4.41 million in the same quarter of FY 2021/2022.

Memphis is one of the oldest pharmaceutical and chemical companies in the Middle East and has been in the market since 1940.