Cairo – Mubasher: Prime Holding posted an 85% year-on-year profit retreat during the first nine months of 2019, dragged by falling revenues, the company’s consolidated financial statements showed.
Net profits plunged to EGP 4.2 million in the nine-month period ended 30 September from EGP 28.9 million in the corresponding period a year earlier, including minority shareholders’ rights, the company said in a filing to the Egyptian Exchange (EGX) on Wednesday.
In the meantime, the company generated EGP 54.6 million in activity revenues in the January-September period, compared to EGP 80.02 million in the prior-year period.
At the level of standalone business, Prime Holding logged a net profit of EGP 1.3 million in the first nine months of the year, compared to EGP 5.2 million in the same period of 2018.
It is worth mentioning that during the first half of 2019, Prime Holding’s net profits declined to EGP 4.46 million from EGP 19.6 million in H1-18, including minority shareholders’ rights.
