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Arab Cotton Ginning reports 56% profit decline

Arab Cotton Ginning reports 56% profit decline

ArabFinance:  Arab Cotton Ginning Company (ACGC) posted a 56% Year on Year decrease in its standalone net profit for quarter one (Q1) of 2020, according to the company’s May 21st statement filed to the Egyptian Exchange.

Standalone net profit reached EGP 13.410 million in Q1, compared to EGP 30.475 million achieved in Q1 2019.

In 2019, the company incurred a consolidated net loss of EGP 28.128 million, compared to EGP 938,000 a year ago, taking into account the minority rights.  

Standalone net profit reached EGP 4,060,416, compared to EGP 15,349,141 a year earlier. 

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.

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