CAIRO: Egyptian appliance maker Olympic Group reported first-quarter net profit growth of 74 percent on higher domestic sales, particularly in its refrigerator segment.
Net profit for the quarter was LE 53.1 million ($9.5 million) while revenue was LE 649 million.
"Year on year, growth in consolidated revenue came mainly on the back of a 16 percent increase in local sales to LE 489 million," the statement said.
"In the local market, refrigerators sales grew from 78,000 units in first quarter of 2009 to 88,000 units in the first quarter of 2010," the statement added.
"In the export markets, it grew from 5,000 units to 14,000 units. As a contribution of total sales growth, growth in refrigerators contributed to almost 28 percent," it added.
"Gross profit margin, excluding non core business, grew to 27.2 percent in the first quarter of 2010, up from 24 percent in the first quarter of 2009. Such an improvement came as a result of lower raw material prices and higher production levels," it said.
The statement added that Olympic’s export sales grew 7 percent year on year to LE 36.2 million.
Olympic Group is specialized in manufacturing automatic washing machines, refrigerators, ovens, electric water heaters and other home appliances. It says the percentage of appliances manufactured by the group in its factories represents 98 percent of its sales.