Cairo – Mubasher: Egyptian International Pharmaceutical Industries (EIPICO) is planning to fully own Upper Egypt Pharmaceuticals (UP Pharma), after the former’s board approved to proceed with the initial equity acquisition during 24 May meeting.
EIPICO intends to purchase Arab Company for Drug Industries and Medical Appliances’ (ACDIMA) 99.99% equity in UP Pharma, according to a recent bourse filing.
It is worth noting that the listed company logged consolidated net profits worth EGP 173.68 million during the first quarter (Q1) of 2022, an annual hike of 20.90% from EGP 143.54 million.
Revenues reached EGP 927.37 million in Q1-22, higher than EGP 800.38 million in Q1-21.
Meanwhile, the standalone profits increased to EGP 185.89 million in the first three months (3M) of 2022, versus EGP 167.19 million in the year-ago period.