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Nile Cotton Ginning's profit skyrockets 933% in 9M

Nile Cotton Ginning's profit skyrockets 933% in 9M
Revenues slid to EGP 7.4 million
Nile Cotton Ginning
NCGC
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Cairo – Mubasher: Nile Cotton Ginning reported a 933.3% year-on-year profit hike during the first nine months of fiscal year 2019/2020.

The company achieved net profits of EGP 38.28 million during the nine-month period ended on 31 March, compared to EGP 3.7 million in the year-ago period, according to a bourse disclosure on Sunday.

Revenues slid to EGP 7.4 million from July 2019 until the end of last March, compared to EGP 11.48 million in the corresponding period a year earlier.

It is noteworthy to mention that in the first half of FY19/20, Nile Cotton Ginning reported net profits of EGP 35.46 million, against net losses of about EGP 651,640 in the prior-year period.