East Delta Flour Mills sees net profit decline of 22% in FY 2020/2021

East Delta Flour Mills (EDFM) announced the budget for the fiscal year (FY) 2020/2021

ArabFinance:East Delta Flour Mills (EDFM) announced the budget for the fiscal year (FY) 2020/2021, targeting net surplus of EGP 63 million, according to May 31ststatement filed to the Egyptian Exchange.

In addition, it allocated EGP 38.5 million for its investment plan.

In FY 2019/2020, the company targeted achieving a net surplus of EGP 62 million.

The company reported a net profit of EGP 76.115 million ended March 30th, a 22% Year on Year decline from EGP 97.637 million achieved in the corresponding period.

EDFM is an Egypt-based company engaged in the manufacture, processing, warehousing, packaging, import, export and distribution of different types of grains, grain derivatives and substitutes. The company also produces such products as bread and pasta.

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