During its meeting held on the 27th of September 2010, the General Assembly of SpinAlex approved a dividend of EGP 0.06 per share for the fiscal year 2009/2010, which represents a 20% increase compared to last year's dividend payment of EGP 0.05.
The company's Chairman and Managing Director, Mr. Amr El Sharnoubi, declared that the new fiscal year 2010/2011 has started positively. The net profit before taxes reached around EGP 9 million over July and August 2010 compared to EGP 2.2 million during the same two months of last year. This is mainly due to the sales increase that in turn is a result of increasing sales quantity as well as a rise in yarn prices. In addition to a cotton stock from previous year at lower costs.
The Vice Chairman and Managing Director, Eng. Refaat Helal, explained that operations in the new factory in Sadat City, which was previously announced, will start production in January 2011. The factory will operate with half of its production capacity that amounts to 24,000 spindles. The total land area of this project is 142,000 sqm, out of which 45,000 sqm is accounted for the factory, the warehouses and the management building. It's worth mentioning that the total production capacity for SpinAlex will reach 206,000 spindles when this factory operates at full capacity.
He has also noted that in line with the company's strategy of maximizing its shareholder value and upgrading the productivity and technological levels, SpinAlex has applied the sate-of-the-art "Compact" technology in spinning in Sadat project. This technology represents 3% of the production capacity worldwide, in this field, and is the latest industrial development in the spinning sector.
