EGYPT. Egyptian duty-free chain Misr Free Shops posted a +109.8% rise in net profits to EGP 10.42 million (US$1.7 million) for the first quarter (ended 30 September) of fiscal 2003/04, ending June 30, 2004.
The company’s net sales rose by +69.4% to EGP 64.7 million (US$10.6 million), while the cost of goods sold increased by +64.6% to EGP 50.7 million (US$8.3 million). Gross profit amounted to EGP 13.9 million (US$2.3 million), an increase from EGP 7.4 million (US$1.2 million) in the same period last year.
Note: Misr Duty Free Shops commenced operations in 1975 as an affiliate to the foreign trade high council. It became a state-owned enterprise in 1991. In 1997 it offered 77% of its shares for public subscription and is listed today on the Cairo & Alexandria Stock Exchange.
