Cairo – Mubasher: Industrial Engineering Company for Construction and Development (ICON) posted a 76.6% year-on-year profit decline during the first half of 2019, the company’s consolidated financial statements showed.

Net profits dipped to EGP 82.04 million during the January-June period of 2019, compared to EGP 351.13 million in the year-ago period, including minority shareholders’ rights, the company said in a statement to the Egyptian Exchange (EGX) on Monday.

Meanwhile, the company’s revenues increased to EGP 939.3 million in H1-19 from EGP 554.7 million in H1-18.

As for the second quarter of 2019, the EGX-listed firm logged a net profit of EGP 32.2 million, down from EGP 318 million in Q2-18.

It is worth mentioning that during Q1-19, ICON’s net profits grew to EGP 52.571 million, compared to EGP 33.038 million in the prior-year period.