Cairo – Mubasher: Acrow Misr for Scaffolding and Formwork posted a 2,132% year-on-year rise in its profits during the fourth quarter of 2016, according to the consolidated financial statements.

Net profits reached EGP 125 million in Q4-16, compared to EGP 5.6 million in Q4-15.

The company’s profits reached EGP 206.7 million in 2016, a rise of 76% from EGP 117.1 million in 2015.

The flotation of the Egyptian pound had a positive impact on the company, contributing EGP 179 million to its income statement.

The company’s stock rose 9.99% to EGP 81.92 per share by 11:56am Cairo time.