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Cairo National switches to loss in Q1

Cairo National switches to loss in Q1

Arab Finance: Cairo National for Investment and Securities turned to losses during the first quarter (Q1) of 2022, according to financial statements filed to the Egyptian Exchange (EGX) on May 30th.

The company reported a consolidated net loss attributable to the parent company of EGP 2.083 million in Q1 2022, compared to a net profit of EGP 29.466 million in Q1-2021.

Total consolidated operating revenue dropped to EGP 24,494 in the three-month period ended March 31st from EGP 34.102 million in the year-ago period.

Moreover, the company registered a standalone net loss after tax of EGP 2.097 million in Q1 2022, compared to a net profit of EGP 29.472 million in the same quarter the year before.

Cairo National invests in the start-up business and provides securities exchange-related services. Its main purpose is to promote and underwrite securities, participate in the establishment of companies that issue securities, and portfolio management.

 

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