Cairo – Mubasher: Arab Polvara Spinning and Weaving posted on Monday a net profit of EGP 45.05 million for fiscal year 2016, against a net loss worth EGP 93.26 million for FY15.
The company attributed the turn to profitability to the sale of a 26,000-square metre land plot for EGP 104.5 million, according to a bourse statement.
The stock ended Sunday’s session falling by 1.79% to EGP 2.2.
