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Upper Egypt Mills reports lower profit

Upper Egypt Mills reports lower profit

ArabFinance:  Upper Egypt Mills Company’s (UEFM) consolidated net profit leveled down to EGP 85.001 million in July-March 2021, compared to EGP 96.033 million in the prior-year period, according to the company’s statement to the Egyptian Exchange on May 26th.

Standalone net profit leveled down to EGP 76.625 million in nine months of the fiscal year 2020/2021, compared to EGP 86.754 million in the prior-year period.

Earlier, the company reported a 20% Year on Year decline in its net profit in the second half of 2020, recording EGP 48.53 million.

Upper Egypt Mills 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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