Cairo – Mubasher: Amer Group Holding Co on Wednesday reported a 19.6% year-on-year decline in consolidated profits for 2018.
Net profit totalled EGP 74.7 million in the full-year ended December 2018, compared to EGP 92.9 million in 2017, including minority shareholder’s equity, the real estate firm said in a statement to the Egyptian Exchange (EGX).
Revenues shrank to EGP 1.9 billion last year from EGP 2.15 billion a year earlier, according to the statement.
Meanwhile, standalone profits retreated to EGP 30.5 million in 2018, versus EGP 163.04 million in 2017.
In November, Amer Group posted a 15% year-on-year drop in consolidated profits for the first nine months of 2018, recording a net profit of EGP 70.8 million, versus EGP 83.7 million.
Revenues shrank to EGP 1.31 billion at the end of September 2018, from EGP 1.63 billion in the corresponding nine-month period of 2017.
