Cairo – Mubasher: Porto Group Holding posted a 51% year-on-year profit growth during the first half of 2019.

Net profits surged to EGP 80 million during the January-June period of 2019, compared to EGP 53.06 million in the corresponding period a year earlier, including minority shareholders’ rights, according to a statement to the Egyptian Exchange (EGX) on Wednesday.

Year-on-year, revenues fell to EGP 676 million in the six-month period ended 30 June from EGP 876.4 million.

As for the second quarter of 2019, Porto Group Holding’s profit hiked to EGP 20.4 million, compared to EGP 7.5 million in the year-ago period.

At the level of standalone business, the EGX-listed firm reported net profits of EGP 76.14 million in H1-19, against a loss of EGP 8.8 million in H1-18.

During the three-month period ended 31 March, the company’s profit rose to EGP 59.59 million, compared to EGP 45.52 million in the year-ago period.