Arab Cotton Ginning cuts standalone loss by 56% YoY in 3 months
Updated 11/28/2022 9:57:00 AM
Arab Finance: Arab Cotton Ginning Company (ACGC) reported a 56% year-on-year (YoY) drop in standalone net loss 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 November 28th.
The company incurred a net loss after tax of EGP 12.149 million in Q1 FY 2022/2023, versus EGP 7.761 million in the same quarter a FY earlier.
On the other hand, the company’s ordinary general meeting (OGM) endorsed the distribution of cash dividends worth EGP 0.15 per share to shareholders for FY 2021/2022, according to a separate filing.
In FY 2021/2022, the company posted a consolidated net profit after tax of EGP 126.925 million, compared to a net loss of EGP 23.047 million in the prior fiscal year.
ACGC is an Egypt-based company active in the textiles and clothing industry sector. The company is engaged in cotton ginning and trading its products domestically and internationally.
