Cairo – Mubasher: Arab Cotton Ginning’s adjusted standalone financial statements on Thursday showed a 147% year-on-year hike in profits for fiscal year 2016/2017 due to the increase in its sales.

The firm achieved profits of EGP 70.42 million in FY16/17 from EGP 28.5 million in the prior fiscal year, according to a statement to the Egyptian Exchange (EGX).

Sales grew 221% to EGP 53.9 million in FY16/17, compared to EGP 16.8 million in the previous fiscal year.

By the end of Wednesday’s trading session, Arab Cotton’s stock shed 1.29% to EGP 4.7.