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Spinalex turns to profitability in 9 months

Spinalex turns to profitability in 9 months

ArabFinanceAlexandria Spinning and Weaving Company (Spinalex) (SPIN) has turned to profitability in the first nine months of fiscal year (FY) 2021/2022, according to the company’s unaudited financial indicators filed to the Egyptian Exchange (EGX).

The company achieved a net profit after tax of EGP 16.75 million in the first nine months of FY 2021/2022, versus a net loss of EGP 19.40 million in the same period of FY 2020/2021.

Revenues grew by 51% to EGP 122.39 million in the nine-month period ended March 31st 2022 from EGP 81.05 million in the FY-ago period.

Spinalex is an Egypt-based public shareholding company engaged in the cotton and textile industries through manufacturing, trading, and exporting cotton flowers, yarn, thread, cotton fibres, and related textile products.

The company’s yarn manufacturing plant consists of cotton blowing, carding, drawing, roving, spinning, and winding mills.

 

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