Concrete Fashion Group’s (CFG) net income after discontinued operations rose 89.9% y-o-y to USD 16.1 mn in 2024, according to the company’s latest earningsrelease(pdf). The company attributed the improved profitability to the “effectiveness of the group’s strategies post-demerger.”

REFRESHER- CFG split from Arafa Holding during a demerger this year, which also produced GETEX Holding. The two firms started trading on the EGX in March 2024.

Despite bottom line growth, the company’s net sales dipped during the year, sliding 3.9% y-o-y to USD 144.8 mn. The drop came largely on the back of lower sales at CFG’s manufacturing segment, which accounted for 79% of the company’s top line. The segment’s sales fell 6.6% y-o-y to USD 114.2 mn during the year due to a slowdown in export orders in 1H 2024. Meanwhile, CFG’s retail segment delivered a 7.3% y-o-y sales increase to USD 30.7 mn.

An Emirati store is in the works, with CEO Alaa Arafa saying the company plans to inaugurate its first regional store in Abu Dhabi soon.

Looking ahead: “At home, we will continue to focus on ramping up our women’s wear product line with the launch of our first full-fledged collection in stores.” Arafa said. “Over the coming months, we will work to further grow our client portfolio, focusing particularly on securing contracts with new clients from different European and UK markets. As was the case throughout 2024, we will prioritize higher-margin clients as we look to offset rising production and transportation costs,” he added.

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