Cairo - Mubasher: Egypt Free Shops said that its preliminary budget for fiscal year 2017-2018 targets estimates a decline in net profits by 17.7% year-on-year, according to a bourse filing.

The company said in a statement to the Egyptian Exchange (EGX) on Sunday that the budget targets achieving profits of EGP 70.23 million, compared to EGP 85.36 million in the budget of the current year.

As per the statement, targeted sales stood at EGP 424.5 million compared to EGP 385.3 million for FY16/17.

During the nine-month period ended 31 March 2017, the company’s profits grew by around 80% to EGP 83.7 million from EGP 46.59 million in the same period the year before.