EGYPT – Upper Egypt Flour Mills (UEFM), an Egypt-based public shareholding company engaged in food processing has reported an 11.38% year-on-year (YoY) increase in its standalone net profits after tax, recording US$3M (EGP 93.016 million).

According to Zawya, the celebrated milestone covers the first nine months of the fiscal year (FY) 2022/2023, compared to US$ 2.7M (EGP 83.510 million) achieved last year in accordance with a bourse filing on May 1st.

Established in 1965, the company is primarily involved in the manufacture, processing, import, export, warehousing, and distribution of different types of grains and grain derivatives, as well as baking bread.

UEFM holds a majority stake (54.54%) in King’s Valley Mills (since 1999), giving it a large share of premium flour milling throughout Upper Egypt and the Red Sea area. The Company’s main products are flour and bread.

In addition, the company is considered one of the major companies operating in the field of grinding and storing grains. It has 19 (nineteen) modern cylinder mills with a production capacity of 4590 tons/per day through the spreading mills in the governorates of Sohag, Qena, Luxor, and Aswan.

Additionally, the company owns six central silos spread in Sohag, Belna, Qena, Qus, Edfu, and Aswan, with a storage capacity of 156 tons, and Esna banks with a storage capacity of 20 thousand tons.

In FY 2022/23, the company schemed on generating EGP 896.17 million in revenue, after allocating EGP 90 million to carry out investment projects, according to a bourse filing.

Moreover, Upper Egypt Mills targeted expenditures and surplus worth EGP 811.17 million and EGP 85 million, respectively

The target was possible after the company had registered consolidated net profits worth EGP 147.11 million in FY20/21, an annual increase of 2.40% from EGP 143.67 million in the previous year.

Last year, the company sold its 660.73 square meter headquarters in Sohag governorate for EGP 12.10 million in a quest to deliver improved performance for the company.

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