ArabFinance: Arab Valves Company (ARVA) reported a 88% Year on Year decline in its consolidated net profit in the first half (H1) of 2020, according to the company’s financial statements filed to the Egyptian Exchange.

Net profit stood at EGP 127,756 in H1 2020, compared to EGP 1,114,658 achieved in H1 2019.

The company stated that ADI Investment reduced its stake from 22.89% to 14.98%. ADI Investment sold 5,020,201 shares at an average price of EGP 1.24 per each, with a total amount of EGP 6,305,923.

In 2019, the company posted net profits of EGP 6,776,013, compared to net profits of EGP 6,712,363 in the same period a year ago.

Arab Valves is an Egypt-based public shareholding company engaged in designing and manufacturing brass valves and fittings. The company’s product portfolio includes several types of valves, tabs, blenders and fittings in deferent sizes and applications. It also produces a range of ores, which are used in a number of industrial applications.