Cairo – Mubasher: Acrow Misr for Scaffolding and Formwork (ACRO) reported a 21.2% year-on-year profit drop during the first half of 2019, the company’s standalone financial results showed.

Net profits retreated to EGP 77.13 million in the six-month period ended 30 June, compared to EGP 105.9 million in the year-ago period, according to a statement to the Egyptian Exchange (EG) on Thursday.

Meanwhile, revenues slid to EGP 555.22 million in H1-19 from EGP 580.56 million in H1-18.

It is noteworthy that during the first quarter of 2019, the company’s net profit fell by 22.07% year-on-year to EGP 49.013 million from EGP 62.897 million.