Cairo – Mubasher: Raya Holding for Financial Investment on Wednesday reported a 14% year-on-year drop in its consolidated profits for fiscal year 2018.

The company logged EGP 89.12 million in net profit for the 12-month period ended 31 December 2018, versus EGP 103.22 million in 2017, including minority shareholders’ rights, according to a statement to the Egyptian Exchange (EGX).

Revenue grew to EGP 7.9 billion last year from EGP 6.7 billion in 2017, the company said.

At the level of standalone business, the company achieved a profit of EGP 22.9 million in 2018, compared to EGP 515.8 million a year earlier.

Furthermore, the company’s board of directors has recommended a cash dividend distribution of EGP 0.17 per share.

In November, Raya Holding posted EGP 58.6 million in consolidated profit for the first nine months of 2018, versus EGP 87.8 million in the corresponding period of 2017.

As for standalone financial results, Raya turned to losses in the nine-month period of 2018, incurring EGP 6.6 million against a profit of EGP 558.8 million in the same period a year earlier.