Egypt: Arab Cotton Ginning’s standalone profit grows 142% YoY in 9M-23/24

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The standalone net profit of Arab Cotton Ginning Company rose by 142% year-on-year (YoY) to EGP 62.68 million in the first nine months (9M) of the fiscal year (FY) of 2023/2024 from EGP 25.90 million.

Operating revenues increased to EGP 83.09 million in 9M-23/24 from EGP 71.51 million in the equivalent period a year earlier, according to the interim financial results.

The earnings per share (EPS) amounted to EGP 0.24 from 1 July 2023 to the end of March 2024, up from EGP 0.10 in the corresponding period the year before.

Quarterly Results

The company’s standalone net profit leapt to EGP 52.61 million in the third quarter (Q3) of FY23/24 from EGP 22.65 million in Q3-22/23.

Operating revenues rose to EGP 61.42 million in Q3-23/24 from EGP 46.91 million in the same quarter a year earlier.

Arab Cotton Ginning’s consolidated net profit soared to EGP 304.28 million during the first half (H1) of FY23/24 from EGP 64.60 million the year before.