Cairo – Mubasher: Raya Holding for Financial Investment on Wednesday reported a 12.6% year-on-year drop in consolidated profits for 2017 to EGP 103.2 million from EGP 118.10 million, including minority shareholders’ rights.
Revenues grew to EGP 6.7 billion last year, up from EGP 5.6 billion in 2016, Raya said in a filing to the Egyptian Exchange (EGX).
Financial expenses climbed to EGP 293.7 million in 2017, against EGP 163.6 million a year earlier, while sales and marketing expenses surged to EGP 199.8 million from EGP 131.5 million.
Meanwhile, standalone profits soared to EGP 515.8 million last year, compared to EGP 70.9 million in profits in 2016.
Raya had previously posted a net profit of EGP 32.3 million for the third quarter of 2017, versus EGP 22.6 million in profits in the same quarter the previous year.
