Cairo – Mubasher: The consolidated financial statements of Egypt Free Shops showed a 31.3% decline in its net profits, recording EGP 23.61 million in the first quarter (Q1) of fiscal year 2020/2021, compared to EGP 34.4 million, including minority shareholders’ rights.
The company’s revenues plummeted to EGP 144.63 million in the July-September period from EGP 213.1 million in the corresponding period a year earlier, according to a bourse disclosure on Sunday.
As for standalone business, the company logged EGP 23.05 million in net profits in the three-month period ended 30 September, down from EGP 34.07 million in the prior-year period.
During FY19/20, Egypt Free Shops achieved net profits of EGP 108.9 million, slightly down from EGP 117 million a year earlier, including minority shareholders’ rights.
