Cairo – Mubasher: Raya Holding for Financial Investment (Raya Holding) announced turning to losses during the first nine months of 2019.

Raya Holding suffered net losses of EGP 58.16 million in the nine-month period ended 30 September, against net profits of EGP 58.6 million in the corresponding period of 2018, including minority shareholders’ rights, according to a filing to the Egyptian Exchange (EGX) on Wednesday.

Meanwhile, the company’s activity revenues grew to EGP 6.5 billion in the January-September period, compared to EGP 6.2 billion in the prior-year period.

At the level of standalone business, Raya Holding logged a net profit of EGP 136.3 million in the first nine months of the year, versus a net loss of EGP 6.6 million in the same period a year earlier.

As for the third quarter of 2019, the EGX-listed firm incurred consolidated net losses of EGP 7.2 million, against net profits of EGP 41.5 million in Q3-18.

It is noteworthy that during the first six months of 2019, the company suffered net losses of EGP 50.9 million, versus net profits of EGP 17.1 million in H1-18, including minority shareholders’ rights.