Cairo - Mubasher: The board of directors of Arafa for Investment and Consultancies unanimously approved establishing a fully-owned limited-liability company in Dubai.

The new firm will specialise in the trade of ready-made garments and will be registered with the Department of Economic Development in Dubai, according to a bourse disclosure on Monday.  

During the first nine months (9M) of fiscal year (FY) 2022/2023, Arafa turned to net profits of $9.60 million, against net losses of $10.60 million in 9M-21/22.

In the meantime, sales of the EGX-listed firm jumped by 38.30% annually to $165.90 million during 9M-FY22/23, compared to $119.90 million.