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Arab Cotton profit grows 11% in H1-17/18

Arab Cotton profit grows 11% in H1-17/18
Sales hiked to EGP 895.25 million in H1-17/18
Arab Cotton Ginning
ACGC
0.94% 6.46 0.06

Cairo – Mubasher: Arab Cotton Ginning (ACGC) on Monday posted an 11% year-on-year rise in its profits in the first half of the fiscal year 2017/2018.

Consolidated profits reached EGP 74.99 million during the July-December period of 2017, compared to EGP 84.28 million in the same period of the prior fiscal year, according to a filing to the Egyptian Exchange (EGX).

Sales hiked to EGP 895.25 million in H1-17/18, up from EGP 468.19 million in H1-16/17, the EGX-listed frim noted.

ACGC’s standalone financial statement showed that profits surged 216.6% to EGP 15.1 million in H1-17/18 versus EGP 4.77 million in the same period the year before.

While sales increased to EGP 354.9 million during the first quarter of the current fiscal year, up from EGP 147.7 million in last year's corresponding period, the company said.