Cairo - Mubasher: Marseilia Almasreia Alkhalegeya Real Estate Investment, on Sunday posted a 51.9% year-on-year decline in profits for 2018.
The company achieved profits of EGP 1.97 million during the period from January to December 2018, versus EGP 4.1 million in 2017, according to a statement to the Egyptian Exchange (EGX).
Revenue shrank to EGP 352.5 million last year, versus EGP 452.6 million in 2017, the company added.
The decrease in annual revenue was mainly driven by delivering the remaining units of the first phase of Beach 4 project, the company said.
Marseilia Group seeks to raise its revenue by handing over the second phase’s units in 2019, according to the statement.
The EGX-listed real estate firm previously reported a net profit of EGP 1.47 million for the nine-month period ended September 2018, versus EGP 9.95 million for the same period of 2017.
