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Cairo National swings to losses in H1

Cairo National swings to losses in H1

Arab Finance: Cairo National for Investment and Securities turned to losses during the first half (H1) of 2022, recording a consolidated loss attributable to the parent company of EGP 1.527 million, compared to a net profit of EGP 28.327 million the year before, according to financial statements filed to the Egyptian Exchange (EGX) on Tuesday.

Total consolidated operating revenue dropped to EGP 9.712 million in H1 2022 from EGP 34.471 million in H1 2021.

The company also turned to losses in the standalone financials, recording a net loss after tax of EGP 3.676 million, compared to a net profit of EGP 27.813 million during the same period a year earlier.

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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