Cairo – Mubasher: Al Shams Housing and Urbanization reported a 43.2% year-on-year decline in its net profits during the first nine months of 2019, the company’s unaudited financial results showed.
Net profits shrank to EGP 96.96 million in the January-September period of 2019, compared to EGP 170.7 million in the prior-year period, the company said in a statement to the Egyptian Exchange (EGX) on Monday.
In addition, the company’s revenues plunged to EGP 150.9 million in the nine-month period ended 30 September, compared to EGP 245 million in the same period of 2018.
It is worth mentioning that during the first half of 2019, the Egyptian firm logged a net profit of EGP 73.90 million, compared to EGP 135.75 million in H1-18.
