Cairo - Mubasher: The financial statements of MB for Engineering and Contracting showed a decline in profits by 15.99% in 2016, according to a bourse filing.
Profits totalled EGP 8.9 million in last year compared to EGP 7.7 million in 2015, the company said in a statement to the Egyptian Exchange (EGX).
The company’s total revenues grew 25.6% and reached EGP 114.04 million in 2016 up from EGP 90.8 million in the year before.
In a separate bourse filing, the company revealed that it was affected by the liberalisation of the exchange rates, except for the value of recorded foreign exchange differences in the income statement that amounted to EGP 2.6 million. However, it saw a 16% rise in gains, the statement added.
