Cairo – Mubasher: Elsewedy Electric Co. reported a 19% year-on-year profit drop during the first half of 2019, according to the company’s consolidated financial results.

Net profits plunged to EGP 1.95 billion in the six-month period ended 30 June, compared to EGP 2.4 billion in the year-ago period, the company said in a statement to the Egyptian Exchange (EGX) on Monday.

Year-on-year, revenues rose to EGP 21.5 billion in the January-June period of 2019 from EGP 20.1 billion.

A the level of standalone business, the Egyptian firm’s profit hiked to EGP 2.08 billion in H1-19, compared to EGP 1.02 billion in H1-18.

As for the second quarter of 2019, Elsewedy Electric Co. logged a  profit of EGP 957.8 million, compared to EGP 983.8 million in the prior-year period.

In Q1-19, the company’s net profits declined to EGP 955.51 million, compared to EGP 1.431 billion in Q1-18.