Cairo – Mubasher: Arafa for Investment and Consultancies reported an 86.29% year-on-year (YoY) drop in its consolidated net profits, logging $1.49 million in the nine-month period ended 31 October, compared to $10.85 million.

The company’s revenues plunged to $85.88 million in the February-to-October period from $159.91 million in the corresponding period a year earlier, according to a bourse disclosure on Tuesday.

As for standalone business, Arafa achieved net profits of $977,670 in the nine-month period, down from $11.51 million in the year-ago period.  

During the six-month period ended 31 July, Arafa posted net losses of $10.68 million, against net profits of $7.7 million in the same period a year earlier, including minority shareholders’ rights.