ArabFinance: South Cairo and Giza Mills and Bakeries (SCFM) announced that its board of directors has approved the operating results of the company for October 2021, according to a statement filed to the Egyptian Exchange (EGX).

The results showed that the company has seen a deficit estimated at EGP 3.979 million in October 2021, versus a deficit of EGP 4.539 million in October 2020, the company added.

It is worth noting that South Cairo and Giza Mills and Bakeries incurred a net loss of EGP 54.217 million in fiscal year (FY) 2020/2021, rising by 58% from EGP 34.366 million in FY 2019/2020.

South Cairo and Giza Mills, a subsidiary of the Holding Company for Food Industries, is an Egypt-based joint-stock milling company engaged in the processing, trading, importing and exporting, packaging, warehousing, and distributing grains and its related products. Its product portfolio includes flour, pasta, bakery products, and fodder.