Arab Moltaka' Q1 consolidated profits drop 65.6% YoY
Updated 5/29/2022 11:53:00 AM
Arab Finance: Arab Moltaka Investments Company (AMIA) has reported a 65.6% year-on-year (YoY) decline in consolidated net profit attributable to the parent company for the first quarter (Q1) of 2022, according to the consolidated financial statement filed to the Egyptian Exchange (EGX) on May 29th.
Consolidated net profit excluding minority interest amounted to EGP 16.902 million in Q1 2022, down from EGP 49.136 million in the same quarter a year earlier,
Operating revenues plummeted to EGP 177.148 million in Q1 2022 from EGP 204.321 million in Q1 2021.
On the other hand, standalone net profits after tax surged to EGP 73.912 million during the three-month period ended March 31st from EGP 17.839 million in the same period the year before, the standalone financial statements showed.
AMIC invests in a diversified range of economic sectors covering a broad spectrum including industrial and agricultural investments, land reclamation and cultivation, livestock development, fisheries, real estate investments, and tourism.
