Cairo – Mubasher: Misr Oils and Soap’s board of directors approved the company’s estimate budget scheme for fiscal year 2019/2020.
The company aims to achieve profits of about EGP 3.5 million in the coming fiscal year, the same profit target for FY18/19, according to a statement to the Egyptian Exchange (EGX) on Tuesday.
Total sales are planned to increase to EGP 1.68 billion in FY19/20, compared to estimated sales of EGP 1.3 billion in the current fiscal year.
The board of directors also approved FY19/20 investment scheme with around EGP 2.9 million.
During the first nine months of FY18/19, Misr Oils logged a net profit of EGP 11.03 million from EGP 22.62 million in the year-ago period.
Revenues totalled EGP 1.095 billion during the July-March period of FY18/19, compared to EGP 1.08 billion in the corresponding period of FY17/18.
