MEG profit slips in 9 months
Updated 11/22/2020 11:07:00 AM
ArabFinance: Middle East Glass (MEG) reported a 93% Year on Year decline in its consolidated net profit in the first nine months of 2020, according to the company’s November 22nd financial statements filed to the Egyptian Exchange.
Consolidated net profit before minority interest stood at EGP 12,908,415 in the January-September period of 2020, compared to EGP 173,764,579 achieved in the prior-year months.
Standalone net loss reached EGP 2,400,497 in January-September 2020, against a net profit of EGP 39,781,879 in the corresponding period a year earlier.
The company earlier stepped back from increasing the issued capital from EGP 50,322,50 to EGP 83,122,580.
MEG 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.
