Nile Cotton Ginning H1 profit skyrockets

The company attributed the increase in profit to the settlement of its debt with National Bank of Egypt

  
ArabFinance:Nile Cotton Ginning Company (NCGC) reported a 703% Year on Year rise in its net profit in the first half (H1) of 2020, according to the company’s August 26th financial statements filed to the Egyptian Exchange.

Net profit stood at EGP 63,017,059 in H1 2020, compared to EGP 7,844,666 achieved in H1 2019.

The company attributed the increase in profit to the settlement of its debt with National Bank of Egypt and sale of Maghagha land.

Nile Cotton, a subsidiary of Holding Company for International Trade and Cotton, is an Egypt-based public shareholding company that operates in the cotton and textiles sector. The unit is primarily engaged in cotton ginning, trading, and exporting.

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