Arab Cotton Ginning’s board nods to selling scraps
Updated 9/30/2021 11:03:29 AM
ArabFinance: Arab Cotton Ginning Company (ACGC) announced that its board of directors has approved selling scraps at the company’s cotton gin in Samalut, according to a statement filed to the Egyptian Exchange (EGX).
The book value of these scraps amount to EGP 564,118, the company highlighted.
It is worth noting that the company incurred a consolidated net loss after tax of EGP 23.047 million in FY 2020/2021, dropping by 88% from EGP 188.39 million in FY 2019/2020.
ACGC is an Egypt-based company active in the textiles and clothing industry sector. The company is engaged in the cotton ginning, as well as trading of its products domestically and internationally.
