Cairo – Mubasher: Arafa for Investment and Consultancies reported a 137% year-on-year profit surge during the six-month period ended 31 July, driven by the higher financing revenues, the company’s consolidated financial statements showed.
Net profits amounted to $7.7 million during the February-July period of 2019, compared to $3.2 million in the corresponding period in 2018, including minority shareholders’ rights, according to a statement to the Egyptian Exchange (EGX) on Monday.
Arafa’s fiscal year starts on 1 February and ends on 31 January.
Meanwhile, revenues declined to $104.3 million from $117.9 million, while the cost of revenues fell to $66.9 million from $73.9 million.
On the other hand, the company’s financing revenues surged to $12.6 million in the six-month period ended 31 July, compared to $4.11 million in the prior-year period.
As for the May-July period, the company logged a net profit of $6.1 million from $1.3 million in the same period a year earlier.
At the level of H1 standalone financials, the company’s net profit amounted to $7.9 million, compared to $3.48 million in the year-ago period.
It is noteworthy that during the first quarter, the company posted a net profit of $1.635 million, down from $1.881 million in the corresponding period a year earlier.
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