Arab Cotton Ginning posts 16% higher consolidated profits in H1-22/23

The consolidated net profits after tax of Arab Cotton Ginning Company reached EGP 30.46 million in the first half (H1) of fiscal year (FY) 2022/2023, an annual rise of 16% from EGP 26.34 million.

Revenues increased by 5% year-on-year (YoY) to EGP 560.69 million in H1-22/23 from EGP 532.07 million, according to the initial financial results.

As for the standalone business, the EGX-listed firm generated EGP 3.24 million in standalone net profit after tax during July-December 2022, lower by 80% YoY than EGP 16.51 million.

In the first quarter (Q1) of FY22/23, Arab Cotton Ginning suffered consolidated net losses after tax worth EGP 8.49 million, a drop of 1,843% from EGP 437,000 in Q1-21/22.