ArabFinance: Obour Land for Food Industries (OLFI) reported a 29.83% year-on-year (YoY) growth in consolidated net profit attributable to the parent company for the first quarter (Q1) of 2022, according to the company’s financial statements filed to the Egyptian Exchange (EGX) on April 21st.

Consolidated net profit excluding minority interest amounted to EGP 90.62 million in Q1 2022, compared to a profit of EGP 69.79 million in the same quarter of 2021.

Meanwhile, consolidated sales grew to EGP 923.80 million in the three-month period ended March 31st from EGP 663.72 million in the corresponding period last year.

At the level of standalone financial statement, the company recorded a standalone net profit after tax of EGP 90.66 in Q1 2022, up from EGP 69.81 million in Q1 2021.

It is worth noting that the company recorded a consolidated net profit attributable to the parent of EGP 350.68 million for the full-year ended December 31st 2021, compared to a net profit of EGP 310.36 million for the year ended December 31st 2020.

Established in 1997 and listed in 2016, Obour Land for Food Industries is an Egypt-based manufacturing company, which is specialized in the production, processing, and packaging of white cheese.