Arab Finance: Middle East Glass Manufacturing Co (MEGM) reported a 48.5% year-on-year (YoY) decrease in consolidated net profit for the first quarter (Q1) of 2022, according to the consolidated financial statement filed to the Egyptian Exchange (EGX) on May 31st.
Consolidated net profit amounted to EGP 35.58 million in Q1 2022, compared to EGP 69.15 million in Q1 2021.
At the level of the standalone financial statement, the company recorded a ne profit after tax of EGP 39.73 million in Q1 2022, up from EGP 15.38 million in the same quarter in 2021.
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.