Arafa for Investment and Consultancies Reports Consolidated and Standalone Earnings Results for the Nine-Month Period Ended 31 October 2019; Announces Earnings Results for the Period from February to July 2019
December 16, 2019 at 08:27 pm IST
Arafa for Investment and Consultancies reported consolidated and standalone earnings results for the nine-month period ended 31 October 2019. For the period, the company reported a 682% year-on-year profit hike. Net profits surged to $10.8 million in the February-October period, compared to $1.38 million in the corresponding period a year earlier, including minority shareholders' rights. In the meantime, the company generated $159.9 million in revenue in the first nine months of the year, down from $174.19 million in the prior-year period.
As for standalone business, the company's net profits rose to $11.5 million in the February-October period, compared to $4.6 million in the same period of 2018.
During the February-July period, the company logged a net profit of $7.7 million, up from $3.2 million in the year-ago period, including minority shareholders' rights.