Arab Finance: Atlas for Investment and Food Industries’ (AIFI) consolidated net profits attributable to the parent company skyrocketed 5,349.46% year on year (YoY) during the first quarter (Q1) of 2023, according to statements filed to the Egyptian Exchange (EGX) on May 30^th.

The company reported a consolidated net profit attributable to the parent company of EGP 1.774 million in Q1 2023, compared to EGP 32,564 million in Q1 2022.

Revenues surged 63.29% YoY to EGP 7.098 million in the three-month period ended March 31st, from EGP 4.347 million in the same period a year earlier.

Atlas’ standalone net profit after tax soared 503.65% YoY of EGP 3.841 million during the January-March period of this year, compared to EGP 1.380 million in the first three months of 2022.

Atlas, established in 1997 and listed in 2012, has four subsidiaries focusing on real estate, farm development, and agricultural processing.

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