Spinalex swings to profit
Updated 9/29/2020 12:53:00 PM
ArabFinance: Alexandria Spinning and Weaving (Spinalex) (SPIN) posted a net profit of EGP 117,595,003 for the fiscal year (FY) 2019/2020, according to the company’s September 29th statement filed to the Egyptian Exchange.
In FY 2018/2019, the company incurred a net loss of EGP 62,462,875.
The company and Mission laïque française earlier signed an EGP 210 million contract for selling the former's land in Alexandria.
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 fibers, and related textile products.
The company’s yarn manufacturing plant consists of cotton blowing, carding, drawing, roving, spinning, and winding mills.
