Cairo – Mubasher: Prime Holding reported a 77% year-on-year profit decline during the first half of 2019, the company’s consolidated financial results showed.

Net profits fell to EGP 4.46 million in the six-month period ended 30 June, compared to EGP 19.6 million in the year-ago period, including minority shareholders’ rights, according to a statement to the Egyptian Exchange (EGX) on Monday.

Year-on-year, revenues retreated to EGP 34.7 million in the January-June period of 2019 from EGP 51.41 million.

As for standalone business, the company logged a profit of about EGP 272,500 in H1-19, compared to EGP 6.4 million in H1-18.

The H1 profit retreat was attributed to several reasons, including lower return on securities and higher expenses.

During the first quarter of 2019, Prime Holding’s profits declined to EGP 2.4 million, compared to EGP 8.2 million in the year-ago period.