The United Arab and Polvara Spinning, Weaving and Silk Company (Unirab) posted net profits of 12.13 million Egyptian pounds ($2.6 million) for fiscal year 2001, a 37.9 percent rise compared with the previous year’s net results of EP8.79 million, disclosed a company financial statement.
The company’s net sales rose by 16.6 percent to EP213.53 million compared to EP183.1 million in the same period last year, while COGS (Cost of Goods or Services Sold) rose 12 percent and reached EP198.27 million.
Gross profit thus totaled EP15.27 million, while net-operating losses dropped from EP44.52 million in FY00 to EP4.2 million this past year. Total assets increased from EP591.9 million December 31, 2000 to EP787.4 million by year-end 2001.
Founded in 1948, the textile company is the product of a recent merger between United Arab and Polvara Spinning and Weaving and Unirab International for trade and marketing. Employing 6,700 workers, the company’s main activities involve spinning and weaving of yarns, cotton, blended fabrics and sewing threads.
The Egyptian Spinning and Weaving Holding company owns 33.55 percent of the company’s shares. Private investors hold 46.45 percent of the company, Misr Ins. holds 14 percent and the employees association holds the remaining six percent of the shares. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
