Cairo – Mubasher: Raya Holding for Financial Investment announced turning to losses during 2019, according to the consolidated financial statements.

The company suffered net losses of EGP 85.103 million last year, against net profits EGP 89.122 million, including minority shareholders’ rights, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.

Meanwhile, Raya Holding’s revenues rose to EGP 8.76 billion in 2019 from EGP 7.909 billion a year earlier.

In addition, the company’s cost of revenues grew to EGP 7.103 billion from EGP 6.438 billion in 2018, while the general and administrative expenses increased to EGP 886 million in 2019 from EGP 672 million in the prior year.

As for standalone business, the Egyptian firm reported net profits of EGP 59.28 million in 2019, up from EGP 22.952 million in the previous year.

It is worth mentioning that during the first nine months of 2019, Raya Holding incurred net losses of EGP 58.16 million, versus net profits of EGP 58.6 million in the prior-year period, including minority shareholders’ rights.