Cairo – Mubasher: The unaudited consolidated financial results of Modern Shorouk Printing and Packaging reported net profits of EGP 46.22 million in the first quarter of 2020, up by 1,532% year-on-year (YoY) from EGP 2.83 million.
The company’s sales fell to EGP 384 million in the January-March period from EGP 397.22 million in the year-ago period, according to a bourse disclosure on Wednesday.
The hike in post-tax profits was ascribed to a 9% decrease in the cost of sales and a 2% drop in the cost of financing.
As for standalone business, the company’s net profits rose to EGP 33.52 million in Q1-20 from EGP 15.37 million in Q1-19.
The growth in standalone profits was attributed to a 6% decline in the cost of sales as well as achieving capital gains of EGP 10.5 million.
It is worth mentioning that during 2019, the company posted net profits of EGP 41.33 million, up from EGP 24.08 million in 2018.
