Cairo – Alexandria Spinning and Weaving Company (Spinalex) recorded 128% year-on-year (YoY) higher net profits after tax at EGP 115.23 million in fiscal year (FY) 2023/2024.

The generated net profits were compared with EGP 89.86 million, according to a bourse disclosure.

Revenues hiked by 233% to EGP 667.51 million during the 12-month period that ended on 30 June 2024 from EGP 299.25 million in FY22/23.

Additionally, the basic earnings per share (EPS) jumped by 4.18% YoY to EGP 0.36 in FY-23/24 from EGP 0.28.

The board members approved the company’s financial results on 25 September 2024. They also recommended the distribution of 40 million bonus shares, which is subject to the general assembly’s approval.

In the first nine months (9M) of FY23/24, Spinalex generated net profits after tax worth EGP 103.23 million, compared to EGP 69.86 million in 9M-22/23.

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