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Egypt Free Shops’ profits rise 14% in FY17/18

Egypt Free Shops’ profits rise 14% in FY17/18
The company generated a net profit of EGP 100.26 million in the full-year ended June
Egypt Free Shops
MFSC
-1.47% 31.20 -0.46

Cairo – Mubasher: Egypt Free Shops on Tuesday reported a 14.2% year-on-year rise in consolidated profits for fiscal year 2017/2018.

The company generated a net profit of EGP 100.26 million in the full-year ended last June, up from EGP 87.7 million in the same period a year earlier, according to a statement to the Egyptian Exchange (EGX).

Egypt Free Shops’ total revenue surged to EGP 544.7 million in the 12-month period, from EGP 394.2 million in the year-ago period.

The EGX-listed firm also posted a standalone profit of EGP 100 million in FY17/18, compared to EGP 87.3 million in the comparative period of FY16/17.

It is worth noting that the consolidated financial statements of Egypt Free Shops previously showed an 8.8% year-on-year decline in its profits in the nine-month period ended March.

Net profit reached EGP 76.33 million from July 2017 to March 2018, down from EGP 83.65 million in the same period a year before.