Cairo – Mubasher: Middle Egypt Flour Mills net profits jumped 148% during the nine months ended March 2017, according to a bourse filing.
Net profits levelled up to EGP 92.2 million during the period between July 2016 and March 2017, compared to EGP 37.2 million in the same period a year ago.
Revenues increased to EGP 2.4 billion in the nine months ended March 2017, compared EGP 1.9 billion in the same period in 2016.
The increase in profits was due to the rise in prices of bran, as the average price jumped from EGP 1,565 per tonne to EGP 2,519 per tonne, the company said in a separate statement
Middle Egypt Mills’ profits had surged 205.35% to reach EGP 51.34 million during the first half ended 31 December 2016, compared to EGP 16.81 million in the same period in 2015.
