Arab Finance: Egypt Free Shops Company (EFSC) (MFSC) is expecting to achieve a 99.69% year-on-year (YoY) increase in net profits after tax during the fiscal year (FY) 2022/2023, according to a filing to the Egyptian Exchange (EGX) on Tuesday.

The company forecasts a net profit after tax of EGP 160.381 million in FY 2022/2023, up from EGP 80.315 million in FY 2021/2022.

Egypt Free Shops anticipates total operating profit to be EGP 837.315 million in FY 2022/2023, up from EGP 684.5 million the year before.

It is worth noting that the company recorded a consolidated profit attributable to the parent company of EGP 135.98 million during the first nine months of FY 2021/2022, down from EGP 91.54 million in the same period in FY 2020/2021.

EFSC is an Egypt-based company listed on the Egyptian Exchange (EGX) that is engaged in the import and sale of duty-free goods and consumer products.

It offers several brands and types of alcoholic beverages, tobacco, fragrances, and gift items.