Cairo – Mubasher: Upper Egypt Flour Mills reported an 18% year-on-year profit decline during fiscal year 2018/2019, according to the company’s standalone financial statements. 

Net profits stood at EGP 162.27 million in the twelve-month period ended 30 June from EGP 197.7 million in the prior-year period, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.

Meanwhile, revenues plunged to EGP 786.76 million from July 2018 to last June, compared to EGP 1.02 billion in FY17/18.

During the first nine months of FY18/19, the company logged a net profit of EGP 118.82 million, down from EGP 148.68 million in the corresponding period a year earlier.

Year-on-year, the company’s revenues tumbled to EGP 887.12 million from July 2018 to last March, compared to EGP 1.11 billion.