Cairo – Mubasher: The standalone financial indicators of Arab Cotton Ginning on Tuesday showed a 145% year-on-year hike in profits for fiscal year 2016/2017.

The Egyptian firm achieved profits of EGP 69.9 million in the fiscal year ended June 2017 from EGP 28.5 million in the prior fiscal year, according to a statement to the Egyptian Exchange (EGX).

Sales increased to EGP 53.9 million in FY16/17, compared to EGP 16.8 million in the previous fiscal year.

The company attributed the rise in profits to an increase in the distribution of dividends by Nile Cotton Ginning from EGP 30 million to EGP 49 million, in addition to the bonus stocks’ earnings for Madinet Nasr Housing and Development of EGP 5 million.

The differences in share valuations between Upper Egypt Flour Mills and Madinet Nasr in the balance sheet reached EGP 17 million, while revenues of consecutive activities grew to EGP 20 million, versus EGP 6 million.

Arab Cotton’s profits amounted to EGP 85.52 million in the period between July 2016 and March 2017, compared to EGP 20.7 million in the prior-year period.