The firm also expects improvement in its second-half profits over the first half of 2011 as raw material costs have declined, Investor Relations Manager Haitham Abdel Moneim told the Reuters Middle East Investment Summit.”Sixty-five percent of the firm’s production is exported. We expect a 12 percent growth in exports this year and this will reflect on our profits,” Abdel Moneim said…
“The firm, which exports to 130 countries, posted a 4.4 percent drop year-on-year in second-quarter net profit to 58 million Egyptian pounds ($9.7 million). First-quarter net profit slid 15 percent to 82.3 million pounds.”I expect … growth of 5-6 percent next year (2012),” he said. “We aim for expansions into new markets such as West Africa and countries like Kazakhstan and Uzbekistan. We see strong growth opportunities in those countries..
Date:10/26/2011
Source:www.yarnsandfibers.com