Egypt’s Misr Company for Free Shops reported a net profit of 10.4 million Egyptian pounds ($1.6 million) for the first quarter of 2003/2004 compared to EP five million during the same period last year. These figures translate into a 108 percent rise.
Revenue rose 69 percent to EP 64.7 million, while COGS/revenue decreased from 81 percent to 78 percent leading to an 89 percent increase in gross profit to EP 14 million.
The Misr Company for Free Shops is a leading company in the Egyptian duty-free business. The company started commercial operations in 1975 as an affiliate to the Foreign Trade High Council and became a state-owned enterprise in 1991. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
