Egypt’s Arab Cotton Ginning company posts 65% in 9 months

The Egyptian Arab Cotton Ginning Company (ACGC) posted on Thursday a 65 percent year-on-year (YoY) rise in consolidated net profit in the first nine months of fiscal year (FY) 2022/2023.

In a Egyptian Exchange bourse filing, the company registered 123.041 million Egyptian pounds, up from 74.558 million pounds.

The revenues also soared by 30 percent YoY to 1.685 billion pounds in the aforementioned period, going up from 1.298 billion pounds in the same period the year before.

The company’s standalone net profits after tax fell by 18 percent YoY during the period from July 2022 to March 2023.

ACGC is an Egyptian company which works in the textiles and clothing industry sector.