Arafa: Consolidated Net Profits Surge 9% in 6 Months

Egypt’s largest garment exporter, Arafa Investment and Consulting (Arafa Holding) (AIVC.CA) has reported on Sunday its consolidated financial statements revealing an increase of 9% in its consolidated net profits.

Arafa Holding has registered a net profit of US$ 4.695 million during the period from 01/02/2013 till 31/07/2013.

Total long-term assets fell to EGP 193 million, compared to EGP 206 million for the same period a year ago.

Arafa’s working capital also dropped to EGP 70 million, against EGP 87 million reported last year.

Meanwhile, the company’s standalone financial statements have shown non-consolidated net profit of US$ 112 thousand in 6 months from Feb 1st till July-end of this year, opposed to US$ 4.058 million a year ago.