Spinalex turns to profitability in Q1 FY 2021/2022
Updated 11/2/2021 10:28:56 AM
ArabFinance: Alexandria Spinning and Weaving Company (Spinalex) (SPIN) announced that its board of directors has endorsed the company’s financial results for the first quarter (Q1) of fiscal year (FY) 2021/2022, according to a statement filed to the Egyptian Exchange (EGX).
The company’s financial indicators showed that it has turned to profitability during the period starting July until September 2021.
Net profit after tax stood at EGP 1.97 million in Q1 FY 2021/2022, versus a net loss of EGP 9.24 million in Q1 FY 2020/2021.
Revenues jumped by 126% to EGP 35.91 million in the three-month period ended September 30th, 2021, from EGP 15.89 million in the year-ago period.
It is worth noting that Spinalex incurred a net loss after tax of EGP 41.87 million in FY 2020/2021, versus a net profit of EGP 97.59 million in FY 2019/2020.
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 fibres, and related textile products.
The company’s yarn manufacturing plant consists of cotton blowing, carding, drawing, roving, spinning, and winding mills.
