Arafa for Investment posts 682% profit surge in 9 months

Net profits surged to $10.8mln

  

Cairo – Mubasher: Arafa for Investment and Consultancies reported a 682% year-on-year profit hike during the nine-month period ended 31 October, the company’s consolidated financial statement showed.

Net profits surged to $10.8 million in the February-October period, compared to $1.38 million in the corresponding period a year earlier, including minority shareholders’ rights, the company said in a statement to the Egyptian Exchange (EGX) on Monday.

Arafa’s fiscal year starts on 1 February and ends on 31 January.

In the meantime, the company generated $159.9 million in revenue in the first nine months of the year, down from $174.19 million in the prior-year period.

As for standalone business, Arafa’s net profits rose to $11.5 million in the February-October period, compared to $4.6 million in the same period of 2018.

It is noteworthy that during the February-July period, the EGX-listed firm logged a net profit of $7.7 million, up from $3.2 million in the year-ago period, including minority shareholders’ rights.

Source: Mubasher

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