Cairo – Mubasher: Raya Holding for Financial Investment announced turning into losses during the first quarter of 2019.
Raya Holding suffered consolidated net losses of EGP 26.2 million in the January-to-March period, versus profits of EGP 15.79 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Wednesday.
The company ascribed the negative turn in its Q1 financials to the increase in general, marketing, and financing expenses of the new activities.
Year-on-year, revenues rose to EGP 1.99 billion in the three-month period ended 31 March, compared to EGP 1.81 billion.
Meanwhile, the company’s activity costs grew to EGP 1.61 billion in Q1-19 from EGP 1.49 billion in Q1-18.
As for standalone business, the company turned into profits of EGP 61.1 million in the January-to-March period, against losses of EGP 9.09 million in the corresponding period a year earlier.
For the full-year 2018, Raya Holding logged EGP 89.12 million in net profit, compared to EGP 103.22 million in the previous year, including minority shareholders’ rights.