Cairo – Mubasher: Al Shams Housing and Urbanization reported a 51.2% year-on-year profit decline during the first quarter of 2019.

The company’s net profits amounted to EGP 36.18 million in Q1-19, compared to EGP 74.19 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Wednesday.

Meanwhile, sales plunged to EGP 55.89 million in the three-month period ended 31 March from EGP 115.14 million in the same period a year earlier.

For the full-year 2018, the company’s profits logged EGP 207 million, compared to EGP 101 million in the previous year.