ArabFinance: Middle East Glass (MEG) reported a 41% Year on Year decline in its consolidated net profit in 2020, according to the company’s financial statements filed to the Egyptian Exchange.

Consolidated net profit before minority interest stood at EGP 93.078 million in 2020, compared to EGP 157.556 million achieved a year earlier.

Standalone net profit reached EGP 52.375 million in 2020, a 143% rise from EGP 21.552 million posted in 2019.

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.