South Cairo and Giza Mills loss decreases in July

ArabFinance: South Cairo and Giza Mills and Bakeries (SCFM) suffered a 50% Year on Year decline in its net loss in July 2020, according to the company's August 23rd statement filed to the Egyptian Exchange.

Net loss reached EGP 575,000 in July 2020, compared to EGP 1.171 million incurred in July 2019.

The company earlier announced the budget for FY 2020/2021, expecting a net loss of EGP 36.105 million. It allocated EGP 1.250 million for its annual investment plan.

South Cairo and Giza Mills, a subsidiary of the Holding Company for Food Industries, is an Egypt-based joint-stock milling company engaged in the processing, trading, importing and exporting, packaging, warehousing, and distributing grains and its related products. Its product portfolio includes flour, pasta, bakery products, and fodder.