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FINANCIAL NEWS
Egypt’s Olympic Group posts $9.5m Q1 profit
13 May 2010
(MENAFN) Olympic Group said that it made $9.5 million net profit in the first quarter, and $115.8 million revenue, Reuters reported.
The company’s first-quarter net profit grew of 74 percent on higher domestic sales, mainly in its refrigerator segment.
Egyptian appliance maker Olympic Group said in a statement that year-on-year growth in consolidated revenue came mainly on the back of a 16 percent rise in local sales to $87.27 million.
In the local market, refrigerators sales grew from 78,000 units in first quarter last year to 88,000 units in the first quarter this year, the statement said. While, in the export markets, it grew from 5,000 units to 14,000 units.
Olympic Group is a manufacturer of automatic washing machines, refrigerators, ovens, electric water heaters and other home appliances. The company said that the percentage of appliances manufactured by the group in its factories represents 98 percent of its sales.
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