Cairo – Mubasher: Naeem Holding for Investment, listed on the Egyptian Exchange (EGX) and the Dubai Financial Market (DFM), reported a 41% year-on-year drop in its consolidated profits during the first quarter of 2019.

Net profits retreated to $1.3 million in the January-March period of 2019 from $2.2 million in the same period a year earlier, the investment banking services provider said in a statement to the EGX on Wednesday.

Meanwhile, consolidated revenues fell to $4.09 million in Q1-19 from $5.91 million in Q1-18.

As for standalone business, net profits amounted to $1.3 million in Q1-19, compared to $0.4 million in the year-ago period.

Naeem’s standalone net operating revenues rose by 47% year-on-year to $2.7 million in Q1-19.

For the full-year 2018, the Cairo-based investment bank logged $294,400 in profits, compared to $1.2 million in the previous year, including minority shareholders’ rights.

At the level of standalone business, the company lost $432,000 last year, against profits of $1.9 million in 2017.