Egypt: South Cairo and Giza Mills switches to profitability in 9 months

South Cairo and Giza Mills and Bakeries (SCFM) turned to profitability during the first nine months of the fiscal year (FY) 2022/2023, according to financial indicators filed to the Egyptian Exchange (EGX) on May 3rd.

The company posted a net profit after tax of EGP 19.067 million during the nine months that ended on March 31st, compared to a net loss of EGP 10.035 million in the same period a year earlier.

The company's revenues increased during the first nine months of the current FY to record EGP 173.9 million, compared to EGP 126.87 million during the first nine months of FY 2021/22.

South Cairo and Giza Mills is an Egypt-based joint-stock milling company engaged in the processing, trading, importing and exporting, packaging, warehousing, and distributing of grains and their related products. Its product portfolio includes flour, pasta, bakery products, and fodder.