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Al Arafa for Investment and Consultancies’ (AIVC) consolidated net losses attributable to the holding company fell 68.8% year on year (YoY) in the six months to July 2023, as per the company’s financial statements.
Consolidated net losses amounted to $1.472 million from February through July, compared to $4.717 million during the same period of 2022.
The company logged $108.001 million in revenues in the six-month period, down from $ 110.78 million over the same period of last year.
As for standalone results, the company recorded $3.597 million in net losses in the six-month period ended on July 31st, a 74% yearly decrease from $13.83 million.
Meanwhile, it incurred $2.592 million in net operating losses, up from $2.322 million from February to July in 2022.
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.
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