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CIRA reports 32% profit rise

CIRA reports 32% profit rise

ArabFinance: Cairo Investment and Real Estate Development (CIRA) posted a 32% Year on Year increase in its net profit for the nine-month period ended May 31st, according to the company's July 15th financial results.

Net profit reached EGP 330.4 million in the nine-month period of the fiscal year (FY) 2019/2020, compared to EGP 249.8 million achieved in the prior-year period.

CIRA’s total revenues came in at EGP 991.9 million in the nine-month period of FY 2019/20, representing a 54% growth from the EGP 642.4 million recorded in the corresponding period of FY 2018/2019.

The company attributed the rise in revenues to double-digit growth in both the group’s tuition revenue and other revenues including bus, admission, and dormitory fees.

In March, CIRA announced that all its educational institutions have activated the distance education protocol for all of their students.

The company asserted back then that the protocol will ensure that curriculum materials are fully accessible to the students and that there is minimal disruption to the learning process.

CIRA is engaged in the investment in diversified sectors, including education, construction and real estate, health care, information technology, and support services. The company is specialized in constructing, furnishing, and managing educational, medical, and residential units, as well as trading and supplying medical equipment for hospitals and oil fields service equipment.

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