Cairo – Mubasher: The consolidated financial statements of Raya Holding for Financial Investment showed net losses of EGP 68.8 million in the first quarter of 2020, up by 162% year-on-year (YoY) from EGP 26.2 million, including minority shareholders’ rights.

The company’s revenues increased to EGP 2.36 billion in the January-March period from EGP 1.99 billion in the year-ago period, according to a bourse disclosure on Monday.

As for standalone business, Raya Holding’s net profits edged down to EGP 61.09 million in Q1-20 from EGP 61.1 million in Q1-19.

It is noteworthy to mention that in 2019, the company reported net losses of EGP 85.103 million, against net profits EGP 89.122 million in 2018, including minority shareholders’ rights.