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Arab Cotton Ginning’s standalone profit more than halves in FY19/20

Arab Cotton Ginning’s standalone profit more than halves in FY19/20
The profit drop was attributed to lower sales, gross profits, and investment income
Arab Cotton Ginning
ACGC
-4.26% 2.93 -0.13

Cairo – Mubasher; The standalone net profits of Arab Cotton Ginning plunged by 55% year-on-year (YoY) to EGP 15.16 million during fiscal year 2019/2020, compared to EGP 33.73 million.

Sales fell to EGP 38.08 million in the year ended 30 June from EGP 61.6 million in the prior year, according to a bouse filing on Monday.

The drop in net profits was attributed to lower sales, gross profits, and investment income, along with higher general expenses.

During the first nine months of FY19/20, Arab Cotton Ginning reported consolidated net losses of EGP 65 million, against net profits of EGP 18.68 million in the prior-year period, and standalone net profits of EGP 13.41 million, compared to EGP 30.47 million.