Cairo – Mubasher: Cairo for Investment and Real Estate Development (CIRA) has already waived up to 21% of annual transportation fees of academic year 2019/2020 before the Consumer Protection Authority’s order for refunding 25% of bus fees.

The refund amounted to EGP 9.5 million allocated from the third quarter’s (Q3) revenues, according to a bourse disclosure on Thursday.

All students returning to school this fall will receive the refund as a discount from the 2020/2021 academic year fees, while those who either graduated or who have changed schools will receive their 25% in cash within 30 days.

The impact of the directives will have a minimal impact on the company’s full-year financial results as the company will allocate an additional amount of only EGP 2 million for the next academic year. 

During the nine-month period ended on 31 May, CIRA achieved net profits of EGP 330.4 million, up from EGP 231.56 million in the year-ago period.