Spinalex turns to profitability in H1 FY 2021/2022
Updated 2/13/2022 3:32:55 PM
ArabFinance: Alexandria Spinning and Weaving Company (Spinalex) (SPIN) has turned to profitability in the first half (H1) of fiscal year (FY) 2021/2022, according to the company’s unaudited financial indicators filed to the Egyptian Exchange (EGX).
The company achieved a net profit after tax of EGP 5.37 million in H1 FY 2021/2022, versus a net loss of EGP 14.80 million in H1 FY 2020/2021.
Revenues jumped by 88% to EGP 79.29 million in the six-month period ended December 31st 2021, from EGP 42.11 million in the year-ago period.
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.
