Cairo – Mubasher: Arab Cotton Ginning Company (ACGC) on Thursday reported a 3% year-on-year drop in its consolidated financial results for the nine month-period ended 31 March.

Profits amounted to EGP 82.9 million in the period between July 2017 and March 2018, a decline from EGP 85.5 million in the same period of the prior year, ACGC’s filing to the Egyptian Exchange (EGX) showed.

Meanwhile, sales rose to EGP 1.5 billion during the nine-month period, from EGP 821.5 million in the same period of the previous year.

In terms of its standalone results, ACGC achieved profits of EGP 19.5 million between July 2017 and March 2018, registering an 83% surge from EGP 10.6 million in the same period of the prior year. 

The company attributed the increase in standalone profits to the jump in sales, according to the statement.