Arab Cotton Ginning cuts consolidated losses in FY 2020/2021
Updated 9/29/2021 10:43:15 AM
ArabFinance: Arab Cotton Ginning Company (ACGC) announced that its board of directors has endorsed the company’s unaudited consolidated financial results for fiscal year (FY) 2020/2021, according to a statement filed to the Egyptian Exchange (EGX).
The company has incurred a consolidated net loss after tax of EGP 23.047 million in FY 2020/2021, dropping by 88% from EGP 188.39 million in FY 2019/2020.
Revenues grew by 18% year-on-year in FY 2020/2021, recording EGP 1.27 billion, compared to EGP 1.082 billion in FY 2019/2020.
ACGC is an Egypt-based company active in the textiles and clothing industry sector. The company is engaged in the cotton ginning, as well as trading of its products domestically and internationally.
