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Textiles Segment perform well at Arafa Holding
12
May '11
AI Arafa for Investments & Consultancies (Arafa Holding - AIVC) the leading textiles focused investment company has announced its fiscal yearend consolidated results as at the 31st of January, 2011.

Consolidated Net Operating Profit for FY2010 registered USD 16.1 million compared to USD 375K for FY2009; reflecting a remarkable improvement that evidence the thesis behind the retail segment restructuring that took place during 2010 backed by the global improvement in economic conditions in general and the USA and the luxury business in specific.

Consolidated performance highlights:

A FY2010 results reflect Consolidated Revenues of USD 283.3 million as Q4 2010 added almost USD 82.3 million to the groups consolidated lop line. FY2010 consolidated revenues represent a y-o-y decrease of only 14.8% compared to the consolidated revenues of FY2009 despite the divesture of both SRG & Melka during 2010.

A Gross Profit for the current period amounted to USD 98. 2 million reflecting a gross profit margin of 34 7% compared to USD 129.9 million for last year reflecting a margin of 39.1 %. Such decrease is particularly attributed to the sale of SRG, being a retail arm which is associated with a higher first margin.

FY2010 EBITDA was doubled to record a figure of USD 24.5 million with a margin of 8.6%; compared to FY2009 figure of USD 12.3 million and a margin of 3.7%.

Net Operating Profit for 2010 recorded USD 16.1 million with a margin of 5.7% compared to only USD 375K with a 0.1% margin for the same period of last year. This reflects the company's fruitful decision to divest part of its retail operations which decreased the SG&A cost by more than 36.2% with the bulk being fixed overheads related to shops rent.

A The Consolidated Net Profit after Tax for the period booked an amount of USD 171 million with a margin of 6.0% compared to USD 10.2 million for last year with a margin of 3.1%.

A Net Profit after Minority Interest for the period reached USD 23.1 million whlich is more than the double of last year figure of USD U.S million.

Retail Segment

Consolidated Revenues amounted to USD 195.3 million representing a decline of 22.5% compared to last year's figure of USD 251.9 million as a direct result of the sale of SRG & Melka.

Gross Profit amounted to USD 74.2 million reflecting a gross profit margin of 38.0% compared to an amount of USD 111.8 million with a margin of 44.4% for the same period of last year.

Net Operating loss for FY2010 reached USD 829K compared to net losses of USD 14.5 million for last year.

Apparel & Tailoring ("A& T")

Consolidated Revenues reached USD 113.7 million to reflect a y-o-y increase of 4.6% compared to last year figure of USD 108.7 million.

Gross profit of USD 20.1 million was registered for the reporting period with a margin of 17.7% compared to an amount of USD 14.2 million with a margin of 13.1% for the same period last year


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