Cairo – Mubasher: Acrow Misr for Scaffolding and Formwork (ACRO) on Sunday reported a 29.4% year-on-year increase in net profits for 2018.

The company logged EGP 190.48 million in profits for the 12-month period ended 31 December 2018, versus EGP 147.15 million in 2017, according to a statement to the Egyptian Exchange (EGX).

The company has recorded revenues of around EGP 1.15 billion last year, the statement added.

At the level of standalone business, the company achieved a profit of EGP 178 million at the end of December, versus EGP 130.35 million a year earlier.

It worth noting that ACRO previously posted a net profit of EGP 161.5 million for the January-September period of 2018, versus EGP 89.2 million in the corresponding period of 2017, including minority shareholders’ rights.