Cairo – Mubasher: Egypt Free Shops’ net profits amounted to EGP 167.09 million during fiscal year (FY) 2021/2022, a 26.4% jump when compared to EGP 132.20 million a year earlier, including minority shareholders’ rights.

Revenues for the period from July 2021 to June 2022 soared to EGP 838.63 million, compared to EGP 692.01 million in the previous year, according to a bourse disclosure on Tuesday.

During the first half (H1) of FY21/22, Egypt Free Shops achieved an annual surge of 41.9% in its standalone net profits after tax to EGP 95.38 million. Meanwhile, sales increased to EGP 460.94 million in July-December 2021 from EGP 348.89 million in the year-ago period.

In June 2022, Egypt Free Shops said it targets EGP 80.31 million in net profits during FY 22/23, compared to around EGP 160.28 million expected to be achieved in FY21/22.

Moreover, it seeks to generate revenues of EGP 677 million in FY22/23, down from EGP 837.31 million in the earlier year.