Egypt’s Raya Holding first half profits fall 69.2%

Egypt’s Raya Holding Company for Technology and Telecommunication posted on Wednesday a 69.2 percent drop in its first half profits to 17.1 million Egyptian pounds ($959,003).

Earlier, profits stood at 55.58 million pounds during the first half of 2017.

The company made revenues worth 4.01 billion pounds at the end of June up from 3.06 billion pounds in the same period last year.

Standalone profits declined to 12.9 million pounds, compared with 558.94 million pounds.

During the first three months of this year, profits fell to 15.79 million pounds, versus 40.6 million pounds during the same period in 2017.