Cairo – Mubasher: MubasherTrade Research (MTR) has changed the investment rating of Delta Sugar from ‘Buy/Moderate Risk’ to ‘Not Rated’, according to a recent statement.
This change in rating will last till the company reports its detailed financial statements, the research department said.
Delta Sugar achieved a year-on-year jump of 428% in its bottom line, recording EGP 142.5 million in 2016 when compared to EGP 27 million the previous year.
“Revenues hiked 59% YoY to EGP 1.81 billion in 2016 compared to EGP 1.14 billion in 2015. SUGR recorded FX gains worth EGP 80.8 million in 2016 vs EGP 9.13 million in 2015. Excluding the FX gains, SUGR recorded a net income of EGP 61.8 million in 2016, implying more than a three-fold growth (+246%) from last year,” according to the statement.
MTR clarified that the cabinet has issued on 18 January 2017a decree stating that imports of processed sugar will be exempted from import tariffs up to May 2017.
