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Upper Egypt Flour Mills reports 17% profit decrease

Upper Egypt Flour Mills reports 17% profit decrease

ArabFinance: Upper Egypt Flour Mills (UEFM) reported a 17% Year on Year decline in its consolidated net profit in the fiscal year (FY) 2019/2020, according to the company’s October 1st financial statements filed to the Egyptian Exchange.

Consolidated net profit after tax stood at EGP 143,671,126 in the FY 2019/2020, compared to EGP 174,128,709 achieved in the FY 2018/2019.

Standalone net profit stood at EGP 133.332 million in the FY 2019/2020, a 16% decline from EGP 159.467 million posted in the FY 2018/2019.

Wadi El Melouk For Milling, a 57.68%-owned by UEFM, achieved a net profit of EGP 10,338,844 in FY 2019/2020.

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

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.

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