Cairo – Mubasher: Pyramisa Hotels and Resorts on Tuesday reported a 27.7% year-on-year decline in consolidated profits for 2018.

The company generated EGP 53.37 million in net profit for the 12-month period ended 31 December 2018, versus EGP 73.9 million in 2017, including minority shareholders’ equity, according to a filing to the Egyptian Exchange (EGX).

Revenues surged to EGP 143.5 million last year, compared to EGP 143.5 million in 2017.

Meanwhile, standalone profits fell to EGP 51 million in 2018, versus EGP 62.6 million a year earlier.

In August, Pyramisa Hotels posted a 10.9% year-on-year increase in consolidated profits for the first half of 2018, achieving EGP 25.11 million in net profit, versus EGP 22.64 million.