Concrete Fashion Group’s (CFG) posted a net income of USD 11.7 mn during the first nine months of the year, up from a net loss of USD 474k during the same period last year, the company said in its latest earnings release (pdf). The company ending the period in the green highlights “the effectiveness of the Group’s strategies post-demerger and the potential of the business going forward.”

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Despite the rise in net income, revenues inched down, with CFG recording a 1.1% y-o-y dip in net sales to USD 102 mn during the nine-month period. A 6.3% y-o-y decline in retail sales helped bring the overall figure down, which the clothes maker attributed “to the impact of a lower EGP on the segment’s USD-denominated results.” Net sales from its manufacturing segment rose by 0.1% y-o-y, stemming from improvements in orders from Europe and the US.

What the future holds: “We remain cautiously optimistic about the coming year, confident that an improving macroeconomic situation at home and our regional expansion efforts will position us for accelerated growth in 2025 and beyond,” said CEO Alaa Arafa.

Remember: CFG split from Arafa Holding during a demerger this year, which also produced GETEX Holding. Both emerging firms started trading on the EGX last March.

PLUS- CFG’s board greenlight expanding into Saudi Arabia and Oman, with a plan to establish wholly-owned and yet unnamed subsidiaries in the two countries given approval, according to an EGX disclosure (pdf).

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