Cairo – Mubasher: Delta Sugar on Tuesday reported a 466% year-on-year hike in profits for the first half of 2017, according to a bourse filing.
The company achieved profits of EGP 350.6 million in the six months ended June 2017 from EGP 61.9 million in the corresponding period of the year before.
The sales of the company rose to EGP 1.4 billion in H1-17 from EGP 955 million in H1-16.
The firm attributed the increase in profits for H1-17 to higher amounts of sugar sale, in addition to the liberalisation of the exchange rate, which led to the increase in the prices of products. The increase was also impacted by the company's return on investments (ROI) in El Fayoum Sugar Works.
Net profits amounted to EGP 135.6 million in the three months ended March 2017, against net losses of EGP 11.5 million in the same period of 2016.
By the end of Monday’s trading session, Delta Sugar’s stock dropped 2.89% to EGP 23.48.
