Arab Cotton Ginning's standalone profit plunges by 55%

Arab Cotton Ginning Company (ACGC) reported a 55% Year on Year decline

ArabFinance: Arab Cotton Ginning Company (ACGC) reported a 55% Year on Year decline in its standalone net profit in the fiscal year (FY) 2019/2020, according to the company’s September 9th statement filed to the Egyptian Exchange.

Standalone net profit stood at EGP 15.163 million in FY 2019/2020, compared to EGP 33.736 million achieved in FY 2019/2020.

In late July, the company stated that Saudi Egyptian Investment and Finance (SEIF) sold the whole stake in the former's capital.

SEIF sold 6,646,6000 shares at EGP 1.932 per each, with a total amount of EGP 12,837,356.

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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