Profile :
On behalf of the Board
of Directors of EIPICO.
I have the honour of
presenting to you the 1998 annual report.
The results of EIPICO
activities have been extremely favorable
R&D at EIPICO is
concerned with formulating drug products in their various forms .
Physical, chemical, and biological properties must all be given due
consideration in the selection of components and processing steps
for that dosage
form.
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Chairman
:
Dr. Ahmed Borhan El- Dine Ismail Executive
Manager
Chairman's Letter
On behalf of the Board of
Directors of EPICO,
I have the honour of presenting to you the 1998 annual report.
The results of EPICO
activities have been extremely favorable.
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Eipico
Expansions :
In 1996, the company completed its expansion project with a total
investment cost of LE 82 Million, which increased EIPICO’s
production area 70% and almost doubled its production capacity. The
financing of the expansion was partially achieved through an
incorporation of reserves which increased the company’s capital
from LE 18.7 million to LE 42 million, while the rest was financed
internally. The project gave EIPICO a further 5 years tax exemption.
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Export
Activities :
Exports represent a crucial
and strategic importance for the company to avoid the imposed profit
margin caps and are nsubjected to government regulation, due to the
low cost base; Egyptian drugs are considered price competitive when
exports abroad.
EIPICO started focusing on
export activities two years after it commenced operation. Currently
the company exports for L.E. 800 000 (US$ 0.24 million) or 1.8% to
total sales in 1987 to LE 51 million (US$ 15 million) or 15.7% of
total sales in 1998.
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Balance Sheet & Income :
Balance Sheet
AS AT 31 DECEMBER 1998
Income statement and
retained earnings
Year ended 31
december 1998
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