Lecico Egypt saw net profit rise 25 percent over the previous year to reach LE 26.9 million, up from LE 21.6 million last year.
Revenues grew 11 percent in the first quarter to LE 269.5 million.
In its daily notes, CI Capital said, “Lecico’s strong quarter one performance is a continuation of the company’s upward recovery through-out the second half of 2009. As
SW factories in Europe struggle to contend with the rising costs of labor and energy amidst double digit consumption declines, Lecico has managed to capitalize on the core strength of its business model.”
Lecico’s flat sales performance in its tile segment reflects the increased competition within the Egyptian tiles industry, as new capacities come on stream, the firm added.
