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.

Copyright © 2020 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Equities