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Egypt’s Arafa posts 47% drop in H1 profit

Arafa Holding, Egypt's biggest garment exporter, posted a 47.4% drop in first-half net profit to $4m, compared with the same period last year, Ahram has reported. The company has said that its revenues in the second quarter grew by 22.3% over last year, resulting in the first half revenue growth of 2.7% to reach $134.6m. The firm has reported a $6.9m profit in the first half, compared to $8.8m in the same period last year.