Arab Finance: General Company for Paper Industry's (Rakta) losses widened by 720% year on year (YoY) during the first half (H1) of fiscal year (FY) 2023/2024, according to the company’s unaudited financial indicators filed to the Egyptian Exchange (EGX).
The company has achieved a net loss after tax of EGP 385.198 million in H1 FY 2023/2024, up from EGP 46.980 million in H1 FY 2022/2023.
Revenues totaled EGP 202,000, compared to EGP 150,000, an increase of 34.6% YoY.
Established in 1958, the company is engaged in the production and distribution of printing and writing papers as well as cardboard, kraft, fluting, test liner, and multi-layered duplexes carton papers. It uses rice straw as a basic source for paper manufacturing.