Cairo – Mubasher: Sarwa Capital Holding for Financial Investments reported a 129.8% year-on-year hike in its consolidated profits during the first quarter of 2019.

The Cairo-based firm’s net profits stood at EGP 127.87 million in the three-month period ended 31 March, compared to EGP 55.65 million in the same period a year earlier, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

Meanwhile, sales revenues retreated to EGP 483 million in Q1-19 from EGP 604.46 million in Q1-18.

On the other hand, costs of sales slid to EGP 443.62 million in the January-March period of 2019, against EGP 571.8 million in the year-ago period.

As for standalone business, Sarwa Capital’s profits skyrocketed to EGP 71.12 million in Q1-19, compared to EGP 358,636 in Q1-18.

For the full-year 2018, the Egyptian firm’s profits rose to EGP 283 million from EGP 187 million in 2017, including minority shareholders’ rights.