Cairo – Mubasher: The Egyptian Transport and Commercial Services Co (Egytrans) reported a 14.5% year-on-year growth in revenues during the first nine months of 2019, the company’s consolidated results showed.
Revenues increased to EGP 214.7 million, surpassing 2019 budget, on the back of a “triple-digit growth in storage and logistics and double-digit growth in EDS business,” according to a statement on Monday.
Despite a 15% year-on-year drop, net profits after taxes and minority interest hit the 2019 target during the January-September period, registering EGP 29.8 million as a result of interest rate cuts by the Central Bank of Egypt (CBE) which reduced investment and net interest income.
Meanwhile, cost-revenue ratio advanced by 549.2 basis points (bps) to 67.7% during the first nine months of the year, compared to 62.2% in the prior-year period.
“We are reaping the rewards of our strategy as we have managed to significantly decrease the impact of cyclical projects business on our revenue stream with a strong top-line organic sales growth in our regular business,” chairman of Egytrans, Abir Leheta, commented.
As for standalone business, the company’s revenues rose by 16.6% year-on-year to EGP 188.5 million in the nine-month period ended 30 September, while its net profits after taxes declined by 18% to EGP 29.2 million, compared to EGP 35.7 million in the corresponding period of 2018.
