Cairo – Mubasher: Amer Group Holding Co. announced turning profitable during the first quarter of 2020, logging EGP 10.65 million in net profits, versus net losses of EGP 4.55 million in the year-ago period, according to the unaudited consolidated financial results.

The company’s sales dropped to EGP 303.49 million in the January-March period from EGP 383.5 million in the corresponding period a year earlier, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.

As for standalone business, Amer Group tuned to net losses of EGP 8.44 million in Q1-20, against net profits of EGP 72.4 million in Q1-19.

It is worth mentioning that during 2019, the EGX-listed firm achieved net profits of EGP 56.4 million, down from EGP 74.7 million in 2018, including minority shareholders’ rights.