Cairo – Mubasher: The standalone financial statements of Golden Pyramids Plaza reported a 40.5% year-on-year profit surge during the first half of 2019 on the back of lower expenses.

Net profits rose to $21.98 million in the January-June period of 2019, compared to $15.64 million in the prior-year period, according to a filing to the Egyptian Exchange (EGX) on Wednesday.

Meanwhile, revenues retreated to $53.08 million in H1-19 from $62.54 million in H1-18.

The company’s financial leasing expenses slid to $2.88 million during the six-month period ended 30 June from $4.24 million in the corresponding period a year earlier.

In addition, the company’s financing expenses fell to $4.1 million in H1-19, compared to $4.9 million in H1-18.

On the other hand, general and administrative expenses increased to $7.7 million in the January-June period of 2019 from $6.24 million in the same period of 2018.

According to the standalone financials for the first quarter of 2019, the company’s net profit grew to $19.5 million from $10.37 million in Q1-18.