CAIRO: Arafa Holding, Egypt’s biggest garment exporter, said on Monday that consolidated net profit for the 12 months to January 31 jumped by 68 percent from a year earlier.
The firm, which specializes in menswear and exports 75 percent of its goods, mainly to Europe, said revenue had been reduced after it divested two of its units, SRG & Melka, during 2010.
Net profit rose to $17.1 million from $10.2 million a year earlier, while revenue dropped 14.8 percent to $283.3 million.
Arafa said its board is proposing a cash dividend of 2 cents per share and a bonus share issue of one new share for each five shares held that would raise its issued capital by $10.45 million.
The company’s share price jumped 5 percent on Monday to $0.63 each, while the benchmark index gained 1 percent.
