Arab Finance: Unirab Polvara Spinning and Weaving Company (Unirab) (APSW) announced a 43.05% year-on-year (YoY) drop in net losses after tax in the first quarter (Q1) of 2023, according to a statement filed to the Egyptian Exchange (EGX) on May 7^th.

The company’s preliminary financial results showed it incurred net losses after tax of EGP 3.013 million in Q1 2023, versus EGP 5.91 million in the same quarter a year earlier.

Meanwhile, revenues increased by 50.92% to EGP 13.759 million during the first three months of this year from EGP 9.117 million in the January-March period of 2022.

Unirab is an Egypt-based company engaged in textile manufacturing and yarn weaving. It is specialized in trading and exporting cotton yarn, wool yarn, silk and linen fabrics, synthetic fibers, and other types of colored textiles and polyester sewing threads.

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