Arab Finance: Alexandria Spinning and Weaving Company (Spinalex) reported a 433% increase year-on-year (YoY) in its net profits in the first half (H1) of 2023/2024, according to the company’s financial statement filed to the Egyptian Exchange (EGX) on February 15th.

The company achieved a net profit after tax of EGP 73.709 million in H1 FY 2023/2024, from EGP 13.830 million in the same period a FY earlier.

Net revenues grew to EGP 277.324 million, compared to EGP 93.550 million, an increase of 196% YoY.

Spinalex is one of the leading spinning companies in Egypt, the firm produces nearly 2,200 tons annually of 100% Egyptian and American cotton yarns for export worldwide. The company's products include compact, gassed, final & coarse combed, and carded yarns.

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