Cairo – Egypt: Extracted Oils on Sunday reported turning to profitability in fiscal year 2016/2017 due to higher sales.

The firm achieved a net profit of EGP 8.15 million in the period between July 2016 and June 2017 against losses of EGP 20.5 million in the previous fiscal year, according to a bourse filing.

The sales of the company rose to EGP 1.19 billion in FY16/17, versus EGP 786.3 million in the prior period.

Extracted Oils previously achieved profits of EGP 109,000 in the period between July 2016 and March 2017, compared to EGP 4.3 million in the corresponding period of the year before.