Upper Egypt Flour Mills reports 17% profit decline

ArabFinance: Upper Egypt Flour Mills (UEFM) reported a 17% Year on Year decline in its net profit in the fiscal year (FY) 2019/2020, according to the company's July 27th financial statements filed to the Egyptian Exchange (EGX).

Net profit stood at EGP 132.678 million in the FY 2019/2020, compared to EGP 159.467 million posted in the FY 2018/2019.

The company aims to achieve a net surplus of EGP 81 million for FY 2020/2021.

On May 30th, the board of directors approved the FY 2020/2021 budget, targeting net revenues of EGP 763.83 million. In addition, the board nodded to an EGP 41 million investment plan.

The company is primarily involved in the manufacture, processing, import, export, warehousing, and distribution of different types of grains and grain derivatives, as well as baking bread. Upper Egypt Flour Mills holds a majority stake of 54.5% in a flour milling company and Kings Valley Mills Company.