Egypt’s garments producer Al Arafa Q1 profits rise by 48%

Egypt’s high-end garments producer Al Arafa for Investments and Consultancies reported Thursday a 47.8 percent increase in its first quarter consolidated net profits to reach $2.6 million.

Earlier, profits stood at $1.76 million during the first quarter of 2016.

Revenues fell by ten percent to record $54 million during the first three months of this year, compared with $60.17 million during the same period last year.

Al Arafa turned into losses to register $299,690, compared to profits worth $2.10 million last year, according the company’s standalone financial statements.