Nile Pharmaceuticals and Chemical Industries (NIPH) recently released results for the first quarter of the financial year 2001, ending September 31 in which the company’s net profit dropped 8.8 percent to 9.6 million Egyptian pounds ($2.11 million).
Nile Pharmaceuticals’ net profit in the same period the previous year totaled to EP10.4 million. The company recorded a slight 1.2 percent rise in net sales between June and September 2001, reaching EP67.2 million.
In July 2001, Nile Pharmaceuticals introduced two new generic drugs, for treating AIDS and leukemia—Egyforon and Leuconil. Both are much cheaper than competing products sold by multinational firms in the Egyptian market.
Nile Pharmaceuticals’ net income totaled 35.3 million in the financial year 2000, up from 27.9 million in 1999. The company employs over 2,500 workers. The Cairo-based company manufactures and trades pharmaceutical products for human and veterinary use, while specializing in the production of lyophilized parentrals, effervescent granules and medicinal cosmetics. It exports its products to Arab and African countries. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
