Arab Cotton Ginning swings to loss

On a yearly basis, the listed company reported an 81% decline in its standalone net loss in the first three months of 2020

  

ArabFinance: Arab Cotton Ginning Company (ACGC) incurred a net loss of EGP 692,000 in 2020, compared to EGP 28.128 million in 2019, according to the company’s audited financial statements to the Egyptian Exchange on March 17th.

The company’s unaudited financial statements showed a 541% Year on Year hike in its net profit in 2020, recording EGP 24.9 million.

On a yearly basis, the listed company reported an 81% decline in its standalone net loss in the first three months of 2020, recording EGP 4.71 million.

ACGC is an Egypt-based company active in the textiles and clothing industry sector. The company is engaged in the cotton ginning, as well as trading of its products domestically and internationally.

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