Cairo – Mubasher: The unaudited financial results of North Cairo Mills showed net profits of EGP 17.09 million in fiscal year 2019/2020, down by 36.7% year-on-year (YoY) from EGP 27.02 million.

The company’s revenues retreated to EGP 653.7 million in the 12-month period ended on 30 June, compared to EGP 750.82 million a year earlier, according to a bourse disclosure on Tuesday.

The profit drop was ascribed to higher operating costs, annual wage raise, and higher production costs of wheat milling.  

It is worth mentioning that during the first nine months of FY19/20, North Cairo Mills reported net profits of EGP 7.3 million, down from EGP 12.5 million in the year-ago period.