Extracted Oils sees profits jump 175% in H1-20/21

The surge in profits was ascribed to lower provisions

  
Cairo – Mubasher: The unaudited financial results of Extracted Oils & Derivatives Company showed a 175.3% year-on-year (YoY) leap in its net profits, logging EGP 4.88 million in the first half (H1) of fiscal year 2020/2021, compared to EGP 1.77 million.

Revenues grew to EGP 870.4 million in the July-December period of 2020 from EGP 848.34 million, the company said in a bourse disclosure on Monday.

The surge in profits was ascribed to lower provisions allocated by the company in H1 of FY20/21, which is EGP 3.51 million lower than the provisions allocated in H1 of FY19/20 at a value of EGP 5.42 million.

During the first quarter (Q1) of FY20/21, the company reported net profits of EGP 1.61 million, down from EGP 3.83 million in the prior-year period.

Source: Mubasher

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