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Arab Cotton Ginning turns profitable in 9 months

Arab Cotton Ginning turns profitable in 9 months

Arab FinanceArab Cotton Ginning Company (ACGC) has turned to profitability in the first nine months of fiscal year (FY) 2021/2022, according to the company’s unaudited consolidated financial income statement filed to the Egyptian Exchange (EGX) on June 23rd.

The company recorded a consolidated net profit after tax of EGP 74.55 million in the nine-month period ended March 31st, versus a net loss of EGP 22.71 million in the same period of FY 2020/2021.

It is worth noting that the company’s standalone net profit after tax increased by 14% year-on-year (YoY) in the first nine months of FY 2021/2022, registering EGP 31.659 million.

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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