Ahmed Bahaa, managing director of MB for Engineering and Contracting (MBEN), and member of the Egyptian Exchange’s board, revealed that setting up the company’s recently opened factory in Sixth of October city is expected to lead to a hike in profits throughout the fourth quarter (Q4) of 2017.
“The company’s financials in terms of revenues and profits cope with our initial public offerings (IPO) plan to a great extent, in spite of the fact that the local market was surrounded by an unstable environment during the past 18 months, when the company was listed on NILEX,” he added.
Moreover, Bahaa asserted that MBEN witnessed a year-on-year (YoY) shift to profitability during Q3 of 2017, due to a surge in sales.
“We achieved good returns on raising the company’s investment portfolio, in addition to increasing prices of products from Al Sadat factory,” Bahaa declared.
In this respect, MBEN profits reached about EGP 791,200 in Q3 of 2017, compared to losses that amounted to EGP 346,800 during the corresponding period of 2017.
The company’s sales amounted EGP 31.2m, during Q3 of 2017, compared to sales that reached about EGP 25.23m throughout the corresponding period of last year.
Furthermore, the company – which is listed on NILEX – achieved a hike in profits during the nine months that ended on 30 September 2017, rising to EGP 7.9m, in comparison with EGP 4.10m in the corresponding period of 2016.