The Board of Directors of Egypt-based Rakta Paper Manufacturing announced that the company achieved profits of 399.25 million Egyptian pounds during the period from July 2021 to the end of last November.
The company also stated recently that it recorded a loss of 5.99 million pounds last November.
Rakta recorded a net profit of 411.49 million pounds from the beginning of July 2021 until the end of last September, versus a loss of 16.3 million pounds during the same period last fiscal year (FY).
The company’s revenues declined during the three months to record 67,000 pounds at the end of September 2021, compared to 2,48,000 pounds during the same period last fiscal year (LFY).
The company registered a loss to the tune of 97.11 million pounds in the period from July 1, 2020 until June 30, 2021.
Established in January 1958, Rakta Paper Manufacturing – a subsidiary of Chemical Industries Holding Company (CIHC), which owns 78% of its shares and affiliated to the Ministry of Public Enterprise – is a public share-holding company engaged in the production of printing and writing papers, Kraft wrapping paper, and multi-layered duplex board and board paper. The company is listed on the Egyptian Exchange (EGX) since November 1994.
The Ministry of Public Enterprise is working to develop the revenues by increasing competence of its subsidiaries by exploiting owned assets and investments, qualifying administrative cadres in companies, modernizing management structures, and automating work systems.
