Cairo – Mubasher: Egypt Free Shops announced that its board of directors had approved the company’s estimated budget scheme for fiscal year 2019/2020.

The company’s net profits after taxes are estimated to decline by 36% to EGP 80.944 million in FY19/20, compared to EGP 126.534 million in the previous year, according to a statement to the Egyptian Exchange (EGX) on Sunday.

Sales are also expected to fall by 30.1% year-on-year to EGP 487.89 million in the coming fiscal year from EGP 697.94 million.

In addition, an amount of EGP 23 million has been allocated for establishing five projects in FY19/20.

During the first nine months of FY18/19, Egypt Free Shops reported a net profit of EGP 110.35 million, compared to EGP 76.33 million in the year-ago period.

Meanwhile, revenues surged to EGP 573.1 million in the nine-month period ended 31 March from EGP 358.8 million in the same period of FY17/18.

As for standalone business, the company’s profits amounted to EGP 110.44 million from July 2018 to last March, compared to EGP 76.53 million in the corresponding period a year earlier.