Cairo – Mubasher
: Raya Holding
for Financial Investment (Raya Holding
) turned to losses during the first half of 2019 due to the increase in expenses.
The company suffered net losses of EGP 50.9 million in H1-19, against profits of EGP 17.1 million in H1-18, according to the firm’s filing to the Egyptian Exchange (EGX) on Wednesday.
The move to losses was attributed to the increase in general and marketing expenses, in addition to financing expenses related to new activities.
General and marketing expenses reached EGP 146 million during the first six months of 2019, compared to EGP 68 million in H1-18.
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