Cairo – Mubasher: The board of directors of Extracted Oils & Derivatives Company approved the allocation of EGP 20 million for the development of its vegetable oils factory in Moharram Bek, Alexandria.  

The project will be financed by 25% from the company’s own resources and 75% from a previous subscription, according to a bourse disclosure on Tuesday.

During fiscal year 2019/2020, the company reported EGP 18.4 million in net profits, down from EGP 23.07 million a year earlier and generated EGP 1.76 billion in revenue, compared to EGP 2.357 billion in FY18/19.