Cairo – Mubasher: The standalone financial statements of Upper Egypt Flour Mills showed a 19.45% year-on-year (YoY) decline in its net profits during the first nine months of fiscal year 2019/2020.

The company achieved net profits of EGP 86.7 million during the nine-month period ended on 31 March, compared to EGP107.7  million in the prior-year period, according to a bourse disclosure on Sunday.

In addition, the Egyptian firm’s revenues fell to EGP 551.46 million during the first nine months of FY19/20 from EGP 552.49 million in the corresponding period of FY18/19.

It is noteworthy to mention that in the first half of FY19/20, the company’s net profits decreased to EGP 60.74 million, compared to EGP 75.86 million in the year-ago period.