Egyptian Flat Glass Company profits rise 50 percent in 1Q
The Egyptian Flat Glass Company (EFGC) recorded net profits of 12 million Egyptian pounds ($2.5 million) in the first quarter of 2002, a 50 percent increase compared to profits from the same period in the previous year. The company witnessed a 9.3 percent sales increase reaching EP 40 million during the same period.
Founded in 1995, EFGC now controls the local glass for construction market. It produces float glass for windows and car windshields in its Cairo plant, whose output reaches 400 metric tons of glass per day. Several public sector banks hold nearly 70 percent of the EFGC shares, while the remaining 30 percent is in private hands, including British glass manufacturer Pilkington and the Saudi-Egyptian Industrial Development Company.
Currently undergoing privatization, EPGC has received offers by Pilkington for the acquisition of a 90 percent stake in the firm for 175 Egyptian pounds ($37.5) per share. The National Bank of Egypt (NBE) is managing the tender, which closed on May 27. — (menareport.com)
© 2002 Mena Report (www.menareport.com)