Alexandria Spinning and Weaving Company’s (Spinalex) (SPIN) net profits after tax increased by 306% year on year (YoY) during the first nine months of the current fiscal year (FY) 2022/2023, according to a statement filed to the Egyptian Exchange (EGX) on May 14th.

The company achieved net profits after tax amounting to EGP 67.948 million during the July 2022-March 2023 period, up from EGP 16.753 million a FY earlier.

Revenues jumped by 53% to EGP 187.289 million in the nine-month period ended March 31st, from EGP 122.395 million in the year-ago period.

Spinalex is an Egypt-based public shareholding company engaged in the cotton and textile industries through manufacturing, trading, and exporting cotton flowers, yarn, thread, cotton fibres, and related textile products.

The company’s yarn manufacturing plant consists of cotton blowing, carding, drawing, roving, spinning, and winding mills.

 

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