Rakta swings to profitability in 9 months

Updated 5/18/2022 2:47:00 PM

ArabFinance: General Company for Paper Industry (Rakta) (RAKT) has turned profitable during the first nine months of the fiscal year (FY) 2021/2022, according to financial statements filed to the Egyptian Exchange (EGX) on Wednesday.

The company posted a net profit after tax of EGP 382.458 million in the nine-month period ended March 31st, compared to a net loss of EGP 74.852 million in the year-ago period.

Revenues dropped to EGP 395,840 from July 1st 2021 until March 31st 2022, from EGP 8.94 million the year before.

Rakta is an Egypt-based public shareholding company engaged in the production and distribution of printing and wrings papers, and multi-layered duplexes carton papers.