Arab Finance: Alexandria Spinning and Weaving Company (Spinalex) reported a 47.77% increase year-on-year (YoY) in its net profits in the first nine months of the fiscal year (FY) 2023/2024, according to the company’s financial statement filed to the Egyptian Exchange (EGX) on June 5^th.

The company achieved a net profit after tax of EGP 103.238 million during the July 2023- March 2024 period, up from EGP 69.866 million in the same period a FY earlier.

Net revenues grew to EGP 440.422 million, compared to EGP 187.289 million.

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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