Middle East Glass Manufacturing sees profit decline
Updated 6/18/2020 3:40:00 PM
ArabFinance: Middle East Glass Manufacturing Company (MEGM) reported a 68% Year on Year decline in its consolidated net profit in Quarter one (Q1) of 2020, according to the company's June 17th financial statements filed to the Egyptian Exchange.
Consolidated net profit reached at EGP 31,076,557 in Q1 2020, compared to EGP 98,532,253 posted in Q1 2019.
Nevertheless, standalone net loss stood at EGP 5,226,092 in Q1 2020, against a net profit of EGP 54,096,996 achieved in Q1 2019.
On June 11th, ordinary general assembly approved retaining 2019's profit to the following year.
The company stepped back from increasing the issued capital from EGP 50,322,50 to EGP 83,122,580.
MEGM 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.
