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Upper Egypt Mills records 20% lower profit in H1-20/21

Upper Egypt Mills records 20% lower profit in H1-20/21
Revenues fell to EGP 516.9 million in the July-December period of 2020
Upper Egypt Flour Mills
UEFM
-2.82% 80.01 -2.26

Cairo – Mubasher: Upper Egypt Flour Mills registered a 20% year-on-year (YoY) decrease in its net profits, logging EGP 52.36 million in the first half (H1) of fiscal year 2020/2021, compared to EGP 65.81 million.

Revenues fell to EGP 516.9 million in the July-December period of 2020 from EGP 530.07 million in the corresponding period a year earlier, the company said in a bourse disclosure on Thursday.

Earlier, the standalone financial results showed net profits of EGP 48.53 million in H1 of FY20/21, down from EGP 60.74 million in the year-ago period.

During the first quarter (Q1) of FY20/21, the company logged consolidated net profits of EGP 27.32 million, down by 13% YoY from EGP 31.42 million.