ArabFinance: Middle East Glass Manufacturing Company (MEGM) reported an 85% Year on Year decline in its consolidated net profit in the first half (H1) of 2020, according to the company’s financial statements filed to the Egyptian Exchange.

Consolidated net profit stood at EGP 19,082,927 in H1 2020, compared to EGP 127,905,517 achieved in H1 2019.

Standalone net profit reached EGP 1,306,983 in H1 2020, a 97% rise from EGP 50,835,513 posted in the prior-year period.

The company earlier 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.