ArabFinance:  Cairo Poultry (POUL) reported a 65% Year on Year decrease in its net profit in Quarter one (Q1) of 2020, according to the company's June 16th financial statements filed to the Egyptian Exchange.

Consolidated net profit stood at EGP 12,902,302 in Q1 2020, compared to EGP 36,775,145 posted in Q1 2019.

Nevertheless, standalone net loss  reached EGP 24,886,292 in Q1 2020, 168% climb from EGP 9,281,734 achieved in Q1 2019.

In early May, the company agreed on Cairo Three A Group’s purchase offer to acquire its 13,654,312 shares in Egyptian Starch and Glucose Company (ESGI).

Cairo Poultry, a subsidiary of Kuwait Food Company, is an Egypt-based company that operates in the farming and food processing sectors. The company 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.