Upper Egypt Flour Mills reports lower standalone profit in Q1

ArabFinance: Upper Egypt Flour Mills (UEFM) reported a 13% Year on Year decline in its standalone net profit in the first three months of the fiscal year (FY) 2020/2021, according to the company’s November 1st statement filed to the Egyptian Exchange.

Standalone net profit after tax stood at EGP 25.366 million in the July-September period of 2020, compared to EGP 29.298 million achieved in the prior-year period.

The company reports a consolidated net profit after tax stood at EGP 143,671,126 in the FY 2019/2020, a 17% decrease from EGP 174,128,709 achieved in the FY 2018/2019.

The company is primarily involved in the manufacture, processing, import, export, warehousing, and distribution of different types of grains and grain derivatives, as well as baking bread. Upper Egypt Flour Mills holds a majority stake of 54.5% in a flour milling company and Kings Valley Mills Company.

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