Cairo – Mubasher: Arab Cotton Ginning reported standalone net profits of EGP 35.73 million in fiscal year (FY) 2020/2021, an increase of 133.3% year-on-year (YoY) from EGP 15.31 million, the unaudited financial results showed. 

The sales declined to EGP 31.7 million in the year ended 30 June from EGP 38.08 million a year earlier, the company said in a bourse disclosure on Thursday. 

The profit growth was ascribed to the sale of a part of the company's financial investments for a value of EGP 28 million in FY20/21, compared to about EGP 359,000 in FY19/20, as well as coupon payments of EGP 16 million, compared to EGP 11 million at the end of June 2020. 

In the first nine months of FY20/21, the company posted consolidated net losses of EGP 22.71 million, compared to EGP 65.38 million in the same period in FY19/20. 

As for standalone business, the company logged net profits of EGP 27.76 million during the July-March period, up from EGP 13.4 million in the year-ago period.