Cairo – Mubasher: Arafa for Investment and Consultancies reported a 392% year-on-year (YoY) leap in its consolidated profit during the year ended on 31 January 2020.

The company’s net profits surged to $15.2 million during the 12-month period from $3.08 million a year earlier, according to a statement to the Egyptian Exchange (EGX) on Sunday.

Meanwhile, revenues fell to $224.99 million from February 2019 until the end of last January, compared to $236.5 million in the corresponding period a year earlier.

As for standalone business, Arafa’s net profits increased to $13.85 million during the said period from $6.39 million.

The company’s board of directors submitted a recommendation to the company’s extraordinary general meeting (EGM) for converting the EGP-denominated shares to be traded in the US dollar.