Cairo – Mubasher: South Cairo and Giza Flour Mills and Bakeries (SCFM) on Monday reported turning to profitability in the fiscal year ended June 2017 due to a rise in revenues, according to a bourse filing.
The firm achieved profits of EGP 50.41 million between July 2016 and June 2017 against losses of EGP 17.6 million in the corresponding period of the year before.
During FY16/17, the Egyptian company’s revenues amounted to EGP 1.28 billion from EGP 905.01 million in the fiscal year before.
The company achieved profits of EGP 24.25 million in the period between July 2016 and March 2017 against losses of EGP 14.7 million in the same period last year.
By 10:27 am Cairo time on Monday, South Cairo Mills’ stock rose 9.86% at EGP 51.6 million.
