Nile Cotton Ginning’s profit leaps 703% in FY19/20

Total shareholders’ equity reached $3.62mln in the 12-month period ended on 30 June

  

Cairo – The unaudited financial results of Nile Cotton Ginning showed a 703% jump in its net profits to EGP 63 million in fiscal year 2019/2020, compared to EGP 7.84 million a year earlier.

Total shareholders’ equity reached EGP 452.95 million in the 12-month period ended on 30 June, up by 16.16% year-on-year (YoY) from EGP 389.94 million, according to a bourse disclosure on Wednesday.

The company’s revenues fell to EGP 7.45 million in FY19/20 from EGP 13.48 million in FY18/19.

During the first nine months of FY19/20, the company logged EGP 38.28 million in net profits, compared to EGP 3.7 million in the year-ago period.

Source: Mubasher

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