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Cairo Oils targets EGP 400m in sales

Cairo Oils targets EGP 400m in sales
Photo Credit: Arabianeye - Reuters
Cairo Oils & Soap
COSG
2.20% 0.23 0.01

Cairo - Mubasher: Cairo Oils and Soap seeks to achieve EGP 400 million worth of sales in the upcoming period, after it finished off the restructuring of its sales' system, said a bourse statement.

The company's marketing plan aims to achieve monthly sales within the range of EGP 30 million to EGP 35 million.

The company possess number of expansion opportunities after it finished off its capital-top up procedures, noted the statement.

The company recently raised its capital from EGP 80 million to EGP 200 million.

The firm is expected to turn to profitability within one year, after implementing the new marketing plan, said Deputy Chairman, Iman Korra.

The company will focus on boosting its local market share, noted Korra.

Elaborated, the firm's chief noted that the company will direct the proceeds of raised from its capital hike towards paying due debts, buying raw materials and production requirements to insure operations' efficiency, in addition to completing the existing projects.

The firm owes EGP 37 million to Banque Misr, EGP 45 million to Commercial International Bank (CIB) and EGP 12 million to Qatar National Bank.

The company will pay the loans owed to both Banque Misr and CIB at total amount of EGP 82 million, once it receives the proceeds of its capital increase, added Korra.

Cairo Oils posted net earnings of EGP 25.14 million for the first three months of the current fiscal year, against losses of EGP 13.31 million in the prior-year period.