Nile Cotton Ginning’s profit surges seven-fold in 2019/20

The net profits of Nile Cotton Ginning soared by 594.5%

  

Cairo –   The net profits of Nile Cotton Ginning soared by 594.5% year-on-year (YoY) to EGP 54.48 million during fiscal year 2019/2020 from EGP 7.8 million.

The company’s revenues plummeted to EGP 7.4 million from July 2019 to the end of last June, compared to EGP 13.48 million a year earlier, according to a bourse disclosure on Thursday.

Meanwhile, the cost of revenues amounted to EGP 4.89 million in FY19/20, down from EGP 7.67 million in FY18/19.

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

Source: Mubasher

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