PHOTO
Traders work at the Egyptian stock exchange in Cairo January 3, 2013. Egypt's stock market held up well this week despite a weak currency, as foreign investors continued to buy shares - a sign that a devaluation of Egypt's pound, which looks increasingly likely, might not be a disaster for financial markets. REUTERS/Asmaa Waguih (EGYPT - Tags: Reuters ImagesBUSINESS)
Egypt - Alexandria Spinning and Weaving Company (Spinalex) reported a 128% year-on-year (YoY) increase in net profits after tax for the fiscal year (FY) 2023/2024, according to the company’s financial indicators.
The company achieved net profits of EGP 115.233 million last FY, compared to EGP 89.864 million a year earlier.
Meanwhile, revenues grew to EGP 667.519 million from EGP 299.252 million.
Spinalex is one of the leading spinning companies in Egypt, the firm produces nearly 2,200 tons annually of 100% Egyptian and American cotton yarns for export worldwide. The company's products include compact, gassed, final & coarse combed, and carded yarns.
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