ArabFinance: Arafa Holding posted a consolidated net profit before minority interest of $6.813 million (EGP 106.83 million) in the fiscal year (FY) started February 1, 2020, until January 31st, 2021, according to the companys financial statements filed to the Egyptian Exchange.
This marked a Year on Year (YoY) decline of 37% when compared to $10.822 million (EGP 169.69 million) in FY 2020/2021.
Standalone net profit reached $977,675 (EGP 15.330 million) in FY2020/2021, a 92% decline from $11.511 million (EGP 180.49 million) posted in the FY 2019/2020.
The shareholders of Arafa Holding decided to allocate $13.96 million (EGP 219.05 million) of the reserves to help the company face the COVID-19 pandemics effect on the income statement for the period ended on October 31st.
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 15.68
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