Spinalex reports 42% YoY profit drop in 3 months
Updated 10/30/2022 1:44:00 PM
Arab Finance: Alexandria Spinning and Weaving Company (Spinalex) (SPIN) posted a 42% year-on-year drop in net profit after tax for the first quarter (Q1) of fiscal year (FY) 2022/2023, according to the company’s unaudited financial income statement filed to the Egyptian Exchange (EGX) on October 30th.
The company achieved a net profit after tax of EGP 1.153 million in Q1 FY 2022/2023, versus EGP 1.973 million in the same quarter of FY 2021/2022.
Revenues fell to EGP 35.32 million in the period from July 1st to September 30th 2022, compared to EGP 35.91 million in Q1 FY 2021/2022.
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.
