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AIVC's operations continue to witness strong recovery

Dec '11
Al Arafa for Investments & Consultancies (Arafa Holding - AIVC), the leading textiles focused-investment company in Egypt reports its consolidated results as at the 31st of October of FY2011.

• AIVC Consolidated Revenues during the first nine months of FY2011 reached USD 206.3 million with a growth rate of 2.6% compared to the same period of last year in spite of the earlier witnessed 13.2% y-o-y decline in the first quarter as a result of the political events earlier this year. This reflects the positive crisis management efforts that took place in order to retain company's customer base and show recovery in performance.

• On the local retail front, Concrete continues with its notable performance recording 11.6% y-o-y growth in revenues during the nine months period of this year. Concrete growth in sales in Q3 2011 was supported by the Fitr Feast, which is considered a high season for the local retail. It is worth noting that Concrete's contribution to AIVC's consolidated top line was partially affected by the devaluation of its operational currency (EGP) against AIVC's reporting currency (USD).

• On the other hand, AIVC's international operations have also witnessed a noticeable growth in sales whereby the Portugal-based investment (Egyptian Portuguese Co), contributed revenues of USD 14.5 million during the nine months 2011 which is more than double the revenues of the same period last year.

• AIVC reported a Consolidated Gross Profit of USD 70.0 million by the end of third quarter of FY 2011 versus USD 67.9 million for the same period last year, maintaining same margin of 33.9%.

• Consolidated EBITDA reached an amount of USD 18.3 million with a margin of 8.9% versus USD 19.9 million with a margin of 9.9% during the same period of last year. Also, Operating Profits registered USD 11.8 million representing a margin of 5.7% compared to USD 13.3 million for the same period of FY2010 with a margin of 6.6%.

• AIVC recorded a Consolidated Net Profit after Tax of USD 6.5 million for the first nine months of FY 2011 versus USD 13.0 million for the same period last year. Such decline in profitability margins is mainly attributed to the increase in the selling and administrative expenses that the company had to incur in order to generate revenues and retain customer base which has been the strategic goal during the current difficult year.

• AIVC's management is proud that its subsidiaries managed to sustain a mounting performance and achieve admirable growth levels amid a year that witnessed a lot of extraordinary events.

Retail Segment
• Consolidated Retail Revenues amounted to USD 142.6 million achieving a 4.7% growth compared to revenues of USD 136.2 million during the same period of last year.
• Gross Profit of USD 54.9 million was registered for the reporting period with a margin of 38.5% compared to USD 49.9 million with a margin of 36.6% for the same period last year.
• Operating Profitfor the period reached USD 2.9 million compared to USD 996K for the same period last year.

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