{"id":643887,"date":"2024-09-17T00:00:00","date_gmt":"2024-09-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/17\/concrete-fashion-group-sees-net-income-rise-despite-fall-in-sales-in-1h-2024\/"},"modified":"2024-09-17T00:00:00","modified_gmt":"2024-09-17T00:00:00","slug":"concrete-fashion-group-sees-net-income-rise-despite-fall-in-sales-in-1h-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/17\/concrete-fashion-group-sees-net-income-rise-despite-fall-in-sales-in-1h-2024\/","title":{"rendered":"Concrete Fashion Group sees net income rise despite fall in sales in 1H 2024"},"content":{"rendered":"

Concrete Fashion Group\u2019s (CFG) net income jumped to USD 9.8 mn <\/strong>during the first half of the year, up from last year\u2019s USD 150k, the company said in its latest ear<\/a>nings r<\/a>elease (pdf)<\/a>. The jump in income came alongside stronger operating profitability and a 15.4% y-o-y dip in financing costs. <\/p>\n

This came despite a small dip in sales<\/strong>, with t<\/strong>he company seeing its net sales fall 2.4% y-o-y to record USD 65.9 mn during the six-month period \u201clargely due to an anticipated drop in manufacturing net sales.\u201d Net sales from the group\u2019s manufacturing segment were down 16.5% y-o-y thanks to continued Red Sea disruptions. Meanwhile, net sales from the group\u2019s retail segment were up 10.1% y-o-y during 1H 2024 to record USD 13.1 mn, which it attributed to an increase in brand recognition, higher demand, and expanded store network.<\/p>\n

Moving forward:<\/strong> \u201cWe remain confident in the [manufacturing] segment\u2019s second-half performance, expecting a recovery in net sales driven by new clients like Ralph Lauren, rising demand from Turkey, and increased interest from Europe as economic conditions improve.\u201d CEO Alaa Arafa said. \u201cWe will continue to expand our client portfolio by adding new brands and markets to our already rich roster.\u201d<\/p>\n

It has been an eventful year for CFG<\/strong>, which is the product of a demerger at Arafa Holding that took place earlier this year. The demerger produced CFC and GTEX Holding, both of which started trading on the EGX in March<\/a> following the completion of the demerger.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company\u2019s net income came in at USD 9.8 mn, up from last year\u2019s USD 150k<\/p>\n","protected":false},"author":1,"featured_media":643888,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7208],"tags":[7396,409,72,338],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-643887","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-concrete-fashion-group","tag-earnings-watch","tag-enterpriseam","tag-retail","wpautop","entry"],"acf":{"mongo_id":"fccb96de-04bc-406b-bf21-a2501063ded7","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/2712.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Concrete Fashion Group sees net income rise despite fall in sales in 1H 2024","related_issue":[643872],"teaser":"The company\u2019s net income came in at USD 9.8 mn, up from last year\u2019s USD 150k","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.759c4df6-c808-43b3-8eb4-66c89e7e2e9a.mp3"},"yoast_head":"\nConcrete Fashion Group sees net income rise despite fall in sales in 1H 2024 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/17\/concrete-fashion-group-sees-net-income-rise-despite-fall-in-sales-in-1h-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Concrete Fashion Group sees net income rise despite fall in sales in 1H 2024\" \/>\n<meta property=\"og:description\" content=\"The 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The drop comes despite net revenues rising 6.6% y-o-y during the quarter to EGP 4.9 bn. On a full-year basis,\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548711,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/18\/earnings-watch-efg-hermes-palm-hills-swvl\/","url_meta":{"origin":643887,"position":5},"title":"Earnings Watch: EFG Hermes, Palm Hills, Swvl","author":"enterpriseam admin","date":"18 August 2022","format":false,"excerpt":"EFG Hermes\u2019 net income after tax and minority interest eased 15% y-o-y to EGP 344 mn in 2Q 2022 on higher taxes and minority interest after the consolidation of aiBank, according to its earnings release (pdf).The group\u2019s operating revenues rose 28% y-o-y to EGP 2.1 bn during the quarter, boosted\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/320.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/643887","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=643887"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/643887\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/643872"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/643888"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=643887"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=643887"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=643887"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=643887"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=643887"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}