Memphis Pharmaceutical turns to losses in Q1 FY 2021/2022

Updated 10/31/2021 12:00:00 PM

ArabFinance: Memphis Pharmaceutical (MPCI) announced that its board of directors has approved the company’s financial indicators for the first quarter (Q1) of fiscal year (FY) 2021/2022, according to a statement filed to the Egyptian Exchange (EGX).

The company has incurred a net loss after tax of EGP 4.416 million in Q1 FY 2021/2022, versus a net profit of EGP 8.03 million in the same period of FY 2020/2021.

Revenues fell by 30% year-on-year to EGP 95.306 million in Q1 FY 2021/2022 from EGP 136.58 million.

Memphis is one of the oldest pharmaceutical and chemical companies in the Middle East and has been in the market since 1940.