EIPICO net profits record slight rise in 2002
The Egyptian International Pharmaceutical Industries Company (EIPICO) released its results for financial year 2002, ending December 31, in which the company’s net profit rose a slight 1.6 percent to 102.33 million Egyptian Pounds ($18 million), up from EP100.73 million in FY01. At the same time, the company’s sales rose 12.3 percent, totaling EP481.07 million, compared to EP428.3 million revenues in FY01.
Founded in 1983, EIPICO currently ranks first of the private pharmaceutical companies operating in Egypt. It has managed to sustain a stable eight percent market share over the past two years, with an expected decline upon implementation of the World Trade Organization (WTO) agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS).
The capital of EIPICO is distributed as follows: 36 percent for ACDIMA, 21 percent for the banks and the insurance companies, seven percent for the Medical Union Syndicate, five percent for Social Insurance, five percent for the employees and board members, and 26 percent free float. ― (MENA Report)
© 2003 Mena Report (www.menareport.com)