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Arab Cotton Ginning’s consolidated profit dips 99% in FY18/19

Arab Cotton Ginning’s consolidated profit dips 99% in FY18/19
Sales tumbled to EGP 1.66 billion
Arab Cotton Ginning
ACGC
0.94% 6.46 0.06

Cairo – Mubasher: The consolidated financial statements of Arab Cotton Ginning showed a 99% profit drop during fiscal year 2018/2019.

Net profits plunged to EGP 1.66 million in the twelve-month period ended 30 June, compared to EGP 166.1 million in FY17/18, including minority shareholders’ rights, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.

In the meantime, sales tumbled to EGP 1.66 billion in FY18/19 from EGP 2.02 billion in the prior fiscal year.

At the level of standalone financials, the company earlier reported a net profit of EGP 33.73 million in FY18/19, compared to EGP 89.49 million in FY17/18.