Amreyah Pharmaceuticals posts 10 percent profit drop
The Alexandria-based Amreyah Pharmaceuticals Company recorded a 10 percent net profit drop in the first six months of 2002. Profits reached 25.4 million Egyptian pounds ($5.3 million) in the first half of the year, compared to EP 28.1 million during the same period in 2001.
The company’s sales increased by 10 percent in the first half of the year, however the cost of goods sold (COGS) increased by 23 percent, leading to a four percent decrease in gross profits. The four percent decrease in administrative expenses was also offset by a 19 percent increase in salary expenses and a 15 percent decrease in interest income.
Founded in 1984, Amreyah produces and exports 85 types of pharmaceuticals for human and veterinary use. Its shares are 23 percent held by Arab investors, 18 percent by pharmaceutical company Rhone Poulenc, 15 percent by Abd ElAziz Daghestany, 16.5 percent by CIIC, five percent each by Synthelabo and Alexandria Maritime Bank with the remaining 17.5 percent held by individual stockholders. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
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