Cairo – Mubahser: Arab Cotton Ginning’s unaudited standalone results showed a 62.9% year-on-year profit drop for fiscal year 2018/2019.
Net profits amounted to EGP 33.23 million in the twelve-month period ended 30 June, compared to EGP 89.49 million in the year-ago period, the company said in a statement to the Egyptian Exchange (EGX) on Wednesday.
The FY18/19 profit decrease was ascribed to the sale of a stake in B Investments Holdings for EGP 30 million.
In addition, the company has received no dividends from Modern Nile Cotton Co. and Amwal Al Arabia for Cotton Co for FY18/19, compared to dividends of EGP 45 million in the prior fiscal year.
Meanwhile, revenues surged by 73.77% year-on-year to EGP 61.66 million from July 2018 to last June, compared to EGP 35.48 million.
During the first nine months of FY18/19, Arab Cotton Ginning’s consolidated financial results showed a profit of EGP 18.68 million, down from EGP 82.96 million in the same period a year earlier.
Revenues fell to EGP 1.5 billion in the nine-month period ended 31 March, compared to EGP 1.57 billion in the year-ago period.
At the level of standalone business, the EGX-listed firm logged a profit of EGP 30.47 million from July 2018 to last March, up from EGP 19.55 million in the prior-year period.
