The Egyptian Financial and Industrial Company (EFIC) reported a 24 percent increase in net profits for the first nine months of 2003 reaching 40.6 million Egyptian pounds ($6.6 million).
Revenue increased 30 percent to EP 101.5 million while COGS/revenue remained flat at 75 percent, leading to a 32 percent increase in gross profit to EP 48 million. General and administrative expenses were stable at EP 6.1 million while interest expenses increased 22 percent to EP 13 million.
EFIC produces and distributes chemical products and fertilizers such as phosphate and nitrate. It also operates in real estate and financial services. The company was established in 1929 and became publicly held in July 1996. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
