Cairo – Mubasher: Odin Investments announced turning to losses during 2019 due to lower revenues, the company’s consolidated financial statements showed.
The company incurred net losses of EGP 1.2 million last year, against net profits of EGP 2.05 million in 2018, according to a statement to the Egyptian Exchange (EGX) on Tuesday.
Meanwhile, revenues dropped to EGP 7.94 million in the 12-month period ended 31 December 2019, compared to EGP 16.5 million a year earlier.
As for standalone business, the company reported net profits of EGP 1.89 million in 2019, up from EGP 487,561 in the previous year.
The company’s ordinary general meeting (OGM), to be held on 28 March, will decide on the dividends of 2019.
It is worth mentioning that during the first nine months of 2019, Odin Investments’ net profits dwindled to EGP 731,404 from EGP 2.13 million in the prior-year period.