Arafa Holding
Arafa Holding's financial statements for the first nine months (period ending 31/12/07)
Cairo, 6th of March 2008
Arafa Holding's financial statements for the first nine months (from 1st of April 2007 till 31st of December 2007) of the fiscal year ending 31st of March 2008 are here annexed and compared with the parallel period of the previous year.
Results are in line with our budget (net profit up 26%) and expectations for the full year, forecast a net profit comfortably exceeding 30 million $.
The remarkable slowdown in UK retail sales during December 2007 has not negatively affected the performance of our BMB subsidiary also because formal menswear sector is normally less volatile than general clothing market.
We are just completing a due diligence requested for the acquisition of a retail Company in UK; we are confident to positively conclude the operation within the end of this month.
Our forecasts for the next fiscal year (April 2008 – March 2009) are targeting a net profit in the range of 36 ÷ 37 million $.