Cairo – Mubasher: Arabian Food Industries Co (Domty) on Wednesday reported a 48% year-on-year decline in consolidated profits for the first nine months of 2017 due to higher expenses.
Net profit amounted to EGP 28.5 million in the nine-month period ended September 2017, versus EGP 54.9 million in the prior-year period, the company highlighted in a filing to the Egyptian Exchange (EGX).
Sales rose to EGP 1.6 billion from EGP 1.2 billion, while the cost of sales increased to 1.3 billion from EGP 965.7 million.
Standalone profits stood at EGP 19.9 million in the nine-month period, compared to EGP 52.4 million in the corresponding period of 2016.
Domty had previously posted a net profit of EGP 12.03 million in the three-month period ended June 2017, versus EGP 20.7 million in Q2-16.