Cairo – Mubasher: The board of directors of Egypt Free Shops approved the estimated budget for fiscal year 2020/2021.

The company is looking to achieve net profits after taxes of EGP 77.3 million in the coming fiscal year, compared to EGP 101.89 million in FY19/20, according to a bourse disclosure on Sunday.

In addition, Egypt Free Shops aims to generate EGP 580 million in revenue in FY20/21, down from EGP 661 million a year earlier.

It is noteworthy to mention that in the first nine months of FY19/20, the company’s standalone net profits inched up to EGP 111.45 million from EGP 110.44 million in the prior-year period.