Egypt: Arab Cotton Ginning’s standalone profits shrink 80% in H1-22/23

Arab Cotton Ginning Company witnessed an 80% drop in standalone net profit after tax to EGP 3.24 million during the first half (H1) of fiscal year (FY) 2022/2023, versus EGP 16.51 million in H1-21/22.

The revenues totalled EGP 24.60 million as of 31 December 2022, a 22% year-on-year (YoY) decline from EGP 31.41 million, according to the unaudited income statements.

Earnings per share (EPS) inched down by 0.05% YoY EGP 0.01 in 2022 EGP 0.06.

Income Statements for Q2-22/23

In the second quarter (Q2) of FY22/23, the non-consolidated net profits after tax shrank to EGP 15.39 million from EGP 24.27 million in Q2-21/22. Meanwhile, the revenues plummeted to EGP 24.60 million from EGP 31.41 million.

During the July-September 2022 period, the EGX-listed company incurred standalone net losses worth EGP 12.14 million, an annual hike of 56% from EGP 7.76 million.

The basic loss per share edged up by 0.01% YoY to EGP 0.04 in Q1-22/23 from EGP 0.02.