Cairo – Mubasher: Prime Holding has posted a 71% year-on-year drop in its consolidated profits for the first quarter of 2019.

Net profit amounted to EGP 2.4 million during the three-month period ended last March, versus EGP 8.2 million in Q1-18, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.

Sales retreated to EGP 17.6 million in Q1-19, versus EGP 22.06 million in the year-ago period, according to the statement.

Meanwhile, standalone profits reached EGP 53,700 in the first three months of 2019, versus EGP 4.9 million in Q1-18, the company added.

The Cairo-based firm attributed the decline in Q1-19 profits to the decrease in return on securities trading to EGP 487,000 from EGP 8 million, in addition to the increase in general expenses and employment cost to EGP 13 million from EGP 11.8 million.

Moreover, the company noted it has not re-generated the same return of EGP 1.8 million it obtained from the clearance of Prime Qatar.

In the full-year ended 31 December 2018, Prime Holding had achieved a net consolidated profit of EGP 32.23 million, versus EGP 30.86 million a year ago.