Alexandria Spinning and Weaving Company (Spinalex) (SPIN) has turned to profitability in fiscal year (FY) 2021/2022, according to the company’s unaudited financial statement filed to the Egyptian Exchange (EGX) on September 8th.

The company achieved a net profit after tax of EGP 35.004 million in FY 2021/2022, versus a net loss of EGP 41.87 million in the same period of FY 2020/2021.

Revenues grew to EGP 171.49 million in the period from July 2021 until June 2022, compared to EGP 120.64 million in the FY 2020/2021.

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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