CI Capital Holding’s board of directors has approved to proceed with the establishment of a company for selling consumer durable goods.
The new company will be established with an authorised capital of EGP 100 million, according to a statement to the Egyptian Exchange (EGX) on Tuesday.
In June, CI Capital’s board gave in-principle approval to set up the company which will sell goods through instalment payment plans.
During the first quarter of 2019, the Egyptian firm reported a net profit of EGP 130.27 million, compared to EGP 92.18 million in the year-ago period.
Year-on-year, revenues grew to EGP 694.88 million in the three-month period ended 31 March from EGP 522.99 million.
As for standalone business, CI Capital’s profit amounted to EGP 70.34 million in Q1-19, compared to EGP 12.84 million in Q1-18.