Cairo – Mubasher: Raya Holding for Financial Investment on Wednesday posted a 33% year-on-year decline in its consolidated profits for the first nine months of 2018.

The company recorded a net profit of EGP 58.6 million in the nine-month period ended September, versus EGP 87.8 million in the prior-year period, including minority shareholders’ rights, according to a statement to the Egyptian Exchange (EGX).

Revenue increased to EGP 6.2 billion at the end of September from EGP 4.8 billion in the year-ago period, the EGX-listed firm noted.

At the level of standalone results, Raya turned to losses with a net loss of EGP 6.6 million in the first nine months of this year, against posting a profit of EGP 558.8 million in the corresponding period of 2017.

It is worth noting that Raya reported a net profit of EGP 17.1 million for the first half of 2018, compared to EGP 55.58 million in H1-17.