Arab Finance: Upper Egypt Mills Company (UEFM) has reported a 35.4% year-on-year (YoY) increase in consolidated net profit after tax for the first nine months of fiscal year (FY) 2022/2023, according to a filing to the Egyptian Exchange (EGX) on May 29th.

The company's net profit after tax stood at EGP 134.964 million in the period from July 1st 2022 to March 31st 2023, up from EGP 99.680 million in the same period a FY year earlier.

Operating revenue grew to EGP 1.666 billion in the nine-month ended period March 31st from EGP 1.082 billion in the FY-ago period.

The firm reported an 11.38% year-on-year (YoY) increase in its standalone net profits after tax in the same period.

Upper Egypt Mills is primarily involved in the manufacturing, processing, import, export, warehousing, and distribution of different types of grains and grain derivatives. It holds a majority stake of 54.5% in flour milling company and Kings Valley Mills Company.

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