By: Heba El-Kordy
Cairo – Mubasher: The standalone financial results of Barbary Investment Group (BIG) revealed turning to a profit during the first half of 2019, the company’s chairman Mansour El-Barbary said.
The company recorded standalone profits of EGP 14.14 million in the six-month period ended 30 June, versus losses of about EGP 748,925 in the year-ago period, El-Barbary told Mubasher.
As for consolidated financial results, the company incurred losses of EGP 1.009 million in H1-19, compared to around EGP 909,585 in H1-18, including minority shareholders’ rights.
The company’s subsidiary American Automotive Group logged a profit of nearly $847,000 (EGP 15.2 million) after increasing its capital by about $1 million from retained earnings, helping the company acheive earnings per share (EPS) of EGP 0.50, the top official added.
Moreover, American Automotive Group has not received yet the final approval from the free zone to establish a car assembly plant, the chairman noted.
