Cairo - Mubasher: Univert Food Industries posted net losses of EGP 15.7 million in 2016 versus profits of around EGP 3 million in the year before, as shown by the company’s financial statements.
This comes despite reporting a rise in revenues by 21% from EGP 26.9 million in 2015 to EGP 34.2 million last year, the company said in a statement to the Egyptian Exchange (EGX) on Wednesday.
The company attributed losses to the surge in raw materials prices, noting that its management cannot bear the rise in production costs completely by raising prices, in order to maintain its market share.
In a separate bourse filing, Univert indicated that the Egyptian pound's flotation negatively impacted its financial results as the company achieved foreign exchange losses of EGP 1.1 million.
The company’s board has invited shareholders to attend the ordinary general meeting (OGM) on Saturday, 29 July, to approve the board and the auditor’s reports, as well as the financial statements for the financial year ended 31 December 2016.
