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Nile Cotton posts 21% profit increase

Nile Cotton posts 21% profit increase

ArabFinance: Nile Cotton Ginning Company (NCGC) posted a 21% Year on Year increase in its net profit in the first nine months of the fiscal year (FY) 2019/2020, according to the company’s May 17th statement filed to the Egyptian Exchange.

Net profit reached EGP 38,278,286 in the financial period ended March 31st, compared to EGP 2,704,398 achieved in the prior-year period.

In the first half of FY 2019/2020, the company posted a net profit of EGP 35,426,797, versus a net loss of EGP 651,636 in the corresponding period a year earlier.

Nile Cotton, a subsidiary of Holding Company for International Trade and Cotton, is an Egypt-based public shareholding company that operates in the cotton and textiles sector. The unit is primarily engaged in cotton ginning, trading, and exporting.

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