Arab Finance: Obour Land for Food Industries (OLFI) reported a 27.09% year-on-year (YoY) growth in consolidated net profit attributable to the parent company for the first quarter (Q1) of 2023, according to the company’s financial statements filed to the Egyptian Exchange (EGX) on May 31st.

Consolidated net profit excluding minority interest amounted to EGP 115.169 million in Q1 2023, compared to a profit of EGP 90.618 million in the same quarter of 2022.

Meanwhile, consolidated sales grew to EGP 1.470 billion in the three-month period ended March 31st from EGP 923.803 million in the corresponding period last year.

At the level of standalone financial statement, the company recorded a standalone net profit after tax of EGP 115.382 in Q1 2023, up from EGP 90.667 million in Q1 2022.

Established in 1997 and listed in 2016, Obour Land for Food Industries is an Egypt-based manufacturing company, which is specialized in the production, processing, and packaging of white cheese.

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