Egypt: Arab Cotton Ginning posts profits in 9M-22/23

Arab Cotton Ginning Company generated EGP 25.90 million in standalone net profit after tax during the first nine months (9M) of fiscal year (FY) 2022/2023.

The recorded net profits were lower by 18% year-on-year (YoY) than EGP 31.65 million, according to the financial results.

Meanwhile, the operating revenues grew by 9% to EGP 71.51 million in 9M-22/23 from EGP 65.31 million in 9M-21/22.

Basic earnings per share (EPS) hit EGP 0.09 during July 2022-March 2023, down 10% from EGP 0.10 in the year-ago period.

In the first half (H1) of FY22/23, Arab Cotton Ginning achieved non-consolidated net profits after tax valued at EGP 3.24 million, an annual plunge of 80% from EGP 16.51 million.