Cairo – Mubasher: Egypt Free Shops reported a 16.7% year-on-year profit rise during fiscal year 2018/2019 on the back of higher revenues.

Net profits stood at EGP 117.01 million from July 2018 to last June, compared to EGP 100.26 million in the year-ago period, including minority shareholders’ rights, according to a filing to the Egyptian Exchange (EGX) on Wednesday.

Meanwhile, revenues increased to EGP 709.95 million in FY18/19 from EGP 544.7 million a year earlier.

As for standalone business, the company logged a profit of EGP 116.58 million in the 12-month period ended 30 June, compared to EGP 100 million in the previous year.

Revenues surged to EGP 702.46 million in F18/19 from EGP 539.17 million a year ago, according to the company’s standalone financial statements.