Cairo – Mubasher: Egyptian Financial and Industrial (EFIC) recorded a 75.6% year-on-year profit hike during the first half of 2019, the company’s consolidated financial results showed.

Net profits surged to EGP 72.13 million in the six-month period ended 30 June, compared to EGP 41.07 million, including minority shareholders’ rights, the company said in a statement to the Egyptian Exchange (EGX) on Thursday.

Year-on-year, sales grew by 40% to EGP 859.37 million in the January-June period of 2019 from EGP 613 million.

Meanwhile, the company’s cost of sales increased to EGP 588.36 million in H1-19, compared to EGP 415.9 million in H1-18.

At the level of standalone business, the company previously reported net profits of EGP 37.54 million in the first six months of 2019, compared to EGP 31.22 million in the corresponding period a year earlier.

During the first quarter of 2019, the EGX-listed firm’s profit registered EGP 5.21 million, compared to EGP 4.14 million in Q1-18.