Egypt: Arab Cotton Ginning posts 65% YoY consolidated profit increase in 9 months

Egypt: Arab Cotton Ginning posts 65% YoY consolidated profit increase in 9 months

Arab Cotton Ginning Company (ACGC) reported a 65% year-on-year (YoY) climb in consolidated net profit attributable to the parent company in the first nine months of fiscal year (FY) 2022/2023, registering EGP 123.041 million, compared to EGP 74.558 million, according to unaudited financial indicators filed to the Egyptian Exchange (EGX) on August 3rd.

The company’s revenue climbed 30% YoY to EGP 1.685 billion in the nine-month period ended March 31st, compared to EGP 1.298 billion in the same period a FY earlier.

Arab Cotton Ginning announced before that its standalone net profits after tax dropped 18% YoY during the July 2022-March 2023 period.

ACGC is an Egypt-based company active in the textiles and clothing industry sector. The company is engaged in cotton ginning, as well as trading of its products domestically and internationally.

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