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Nile Cotton Ginning settles debt with NBE

Nile Cotton Ginning settles debt with NBE
The company has received a discharge of its EGP 25 million debt
Nile Cotton Ginning
NCGC
-2.53% 6.55 -0.17

Cairo – Mubasher: Nile Cotton Ginning announced settling its debt with the National Bank of Egypt (NBE) by paying EGP 25 million. 

The company has received a discharge of its debt owed to the state-run lender, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

It is worth noting that during the first nine months of fiscal year 2019/2020, the Egyptian firm reported net profits of EGP 38.28 million, up from EGP 3.7 million in the year-ago period.