An official at the Egyptian Starch and Glucose Company said that the company decided to sell Tora store’s land, as it is not linked to the factory of the company. He explained that Helwan Agriculture Road separates the store’s land from the Tora factory, so it can be sold as it’s not part of the factory’s land. The company’s sales increased during 2016 to EGP 642m compared to EGP 430.6m in 2015, a growth of 49%. The growth of sales was incapable of supporting the net profit due to the inflated expenses, whether financing expenses or expenses needed for operations. The company’s profits declined in the fourth quarter of 2016 by a 99% ratio, a net profit value of EGP 110,000, compared to a profit value of EGP 13.2m in the fourth quarter of 2015.

Source: Daily News Egypt March 26, 2017 09:33 UTC