International for Agricultural Products records 79% profit decline

Updated 8/27/2020 1:41:00 PM

ArabFinance: International Company for Agricultural Products (IFAP) reported a 79% Year on Year decline in its net profit in the fiscal year (FY) 2019/2020, according to the company’s August 27th financial statements filed to the Egyptian Exchange.

Net profit stood at EGP 25,360,292 in FY2019/2020, compared to EGP 122,008,254 achieved in FY 2018/2019.

In the first half of FY 2019/2020, the company posted a net profit of EGP 7,212,016, compared to EGP 103,955,269 in the same period a year ago.

The public shareholding company is engaged in farming, trading, and distribution of crops and seeds. The company purchases cotton flowers and cotton seeds from producers, undertakes contracting activities with cotton ginning companies, and trades in cotton fibers and seeds.