Cairo – Mubasher: The consolidated financial statements of Upper Egypt Flour Mills reported an 18% year-on-year profit decline during the first quarter of fiscal year 2019/2020.
Net profits retreated to EGP 31.428 million in the three-month period ended 30 September, compared to EGP 38.29 million in the year-ago period, including minority shareholders’ rights, the company said in a statement to the Egyptian Exchange (EGX) on Wednesday.
In the meantime, revenues fell to EGP 251.45 million in the July-September period from EGP 272.07 million in the corresponding period of FY18/19.
It is noteworthy that during FY18/19, the company’s net profits dropped to EGP 174.12 million from EGP 205.2 million a year earlier, including minority shareholders’ rights.
