Cairo – Mubasher: Delta Sugar on Wednesday reported a profit of EGP 81 million from the currency differences after the floatation of the Egyptian pound versus the US dollar, out of a total of EGP 154 million during the fiscal year ended 31 December 2016.
Net profits from operations, after discounting currency differences, reached EGP 73 million compared with EGP 27 million in the previous year.
The Central Bank of Egypt (CBE) on 3 November free floated the pound and raised the benchmark interest rate by 300 basis points.
Delta Sugar’s profits jumped 378% year-on-year in the fourth quarter of 2016 to EGP 69.31 million from EGP 14.5 million, while the full year profits surged 471% to EGP 154.08 million in 2016, compared with EGP 26.9 million in 2015.
