Nile Cotton Ginning obligated to repay EGP 23M
Updated 6/3/2020 2:41:51 PM
ArabFinance: Nile Cotton Ginning Company (NCGC) stated the ministerial committee for dispute settlements obligated the company to repay EGP 23,100,000 to Holding Company for Construction and Development (HCCD), according to the company’s June 3rd statement filed to the Egyptian Exchange.
This resolution comes in line with issuance the rule of the administrative court in this dispute, the company said.
In the first nine months of the fiscal year 2019/2020, the company posted net profit reached EGP 38,278,286, a 21% increase from EGP 2,704,398 achieved in the prior-year period.
Nile Cotton, a subsidiary of Holding Company for International Trade and Cotton, is an Egypt-based public shareholding company that operates in the cotton and textiles sector. The unit is primarily engaged in cotton ginning, trading, and exporting.
