Arafa Holding turns to loss

In late August, Arafa’s board of directors approved the establishment of FCTRADING DMCC, a new company

  
ArabFinance: Arafa Holding (AIVC) incurred a consolidated net loss of $10,720,170 (EGP 169,057,080) in the first half (H1) of the fiscal year (FY) ending January 31st 2021, according to the company’s September 16thfinancial statements filed to the Egyptian Exchange.

In H1 of FY ending January 31st 2020, the company posted a net profit of $7,694,005 (EGP 121,334,458).

Standalone net profit reached $1,058,677 (EGP 16,695,336) in H1 of FY ending January 31st 2021, a 87% decline from $7,915,430 (EGP 124,826,331) posted in prior-year period.

In late August, Arafa’s board of directors approved the establishment of FCTRADING DMCC, a new company, in the United Arab Emirates with a capital of AED 50,000 (EGP 213,992).

The capital of the new entity will be distributed on 50 shares at AED 1000 ( EGP 4,279) per each owned by Arafa Holding.

Arafa is an Egypt-based holding company engaged in financial and management consulting, and investment activities. The company is organized into three business segments; retail, apparel and tailoring, and textiles. It operates through managing and administrating its subsidiaries and affiliated companies.

At the press time, the conversion rate is $1= EGP 15.77 and AED 1 = EGP 4.32

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