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Misr Oils and Soap turns profitable in FY19/20 initial results

Misr Oils and Soap turns profitable in FY19/20 initial results
Revenues increased to EGP 1.52 billion
Misr Oils & Soap
MOSC
-3.63% 61.11 -2.22

Cairo – Mubasher: The unaudited financial results of Misr Oils and Soap showed a turn to net profits of EGP 20.94 million in fiscal year 2019/2020, against net losses of EGP 15.59 million a year earlier.

Over the year ended 30 June, the company generated EGP 1.52 billion in revenue, up from EP 1.5 billion in FY18/19, according to a bourse disclosure on Tuesday.

The positive turn in FY19/20 financial results was ascribed to a 5% decrease in wages, lower prices of raw materials, and a 25% increase in the share of exports to total output.

During the first 11 months of FY19/20, Misr Oils and Soap’s pretax profit increased to EGP 15.54 million, compared to EGP 11.5 million in the corresponding period a year earlier.