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Arab Cotton Ginning's standalone profit jumps 107% in nine months

Arab Cotton Ginning's standalone profit jumps 107% in nine months
The revenues retreated to EGP 30.91 million in the July-March period
Arab Cotton Ginning
ACGC
-0.40% 1.73 -0.01

Cairo – Mubasher: Arab Cotton Ginning achieved net profits of EGP 27.76 million in the first nine months of fiscal year (FY) 2020/2021, up by 107% year-on-year (YoY) from EGP 13.4 million in the corresponding period a year earlier, the unaudited standalone financial results showed.

The revenues retreated to EGP 30.91 million in the July-March period of FY20/21, compared to EGP 34.76 million in the year-ago period, the company said in a bourse disclosure on Wednesday.

The leap in standalone net profits was attributed to the sale of a part of its stake in B Investments Holding for EGP 18 million as well as higher return on treasury bills (T-bills).

During the first half (H1) of FY20/21, the company reported standalone net profits of EGP 24.94 million, compared to EGP 4.06 million in the same period of FY19/20.