Cairo – Mubasher: Raya Contact Center has posted a 23.6% year-on-year decrease in its consolidated profits for the first quarter of 2019.

The company has logged a net profit of EGP 36.46 million during the three-month period ended in March, versus EGP 47.77 million in Q1-18, according to a statement to the Egyptian Exchange (EGX) on Monday.

Revenue amounted to EGP 227.97 million in Q1-19, compared to EGP 213.3 million in the year-ago period, Raya said.

Meanwhile, standalone profits retreated to EGP 11.79 million from EGP 19.04 million in Q1-18, the company added.

In the same vein, Raya’s ordinary general meeting (OGM) has approved a cash dividend distribution of EGP 0.85 per share to shareholders for fiscal year 2018, eligible within a 30-day period from the general assembly meeting date.

The OGM has also endorsed 2018 financial statements, as well as the board’s report on the company’s business for the same year, the Cairo-based firm indicated, adding that the OGM has cleared off the board’s responsibilities for the same period.

Raya’s board previously proposed a cash dividend distribution of EGP 90.15 million for FY18.

The OGM has also agreed to sign a netting contract with Raya Holding for Financial Investments to lease an 8,200-square-metre area for EGP 2.44 million.

Furthermore, Raya’s extraordinary general meeting (EGM) has approved the amendment of article 21 of the company’s articles of association related to the cumulative voting in the board’s elections.

Raya Contact Center previously reported an EGP 180.53 million in consolidated profits for the full-year ended 31 December 2018, up 14% from EGP 158.5 million in 2017.