Cairo – Mubasher: Egyptian Financial and Industrial (EFIC) posted an 18% year-on-year decline in profits for the first nine months of 2018.

Net profit amounted to EGP 60.7 million in the January-September period, versus EGP 74.3 million in the year-ago period, the company said in a filing to the Egyptian Exchange (EGX).

Revenues grew to EGP 518.5 million at the end of September from EGP 484.3 million in the prior-year period.

The company attributed the decline in profits to lower production resulting from regular maintenance that led to the rise in the company’s cost of production, in addition to the increase in sulfur to $172 per tonnes from $75 per tonnes.

EFIC previously posted a 42% year-on-year surge in consolidated profits for 2017 due to higher sales.

Net profit reached EGP 153.7 million last year, up from EGP 108.19 million in 2016.