Cairo – Mubasher: Amer Group Holding Co. posted a 44% year-on-year slide in its net profits during the first nine months of 2019.

The real estate developer’s net profits slumped to EGP 39.3 million in the nine-month period ended 30 September from EGP 70.8 million in the same period of 2018, including minority shareholders’ rights, according to a filing to the Egyptian Exchange (EGX) on Thursday.

Meanwhile, revenues retreated to EGP 1.002 billion at the end of September from EGP 1.31 billion a year earlier.

As for the third quarter of 2019, Amer Group Holding Co logged a net profit of EGP 13.9 million, down from EGP 15.8 million in Q3-18.

At the level of standalone business, the Egyptian company’s net profit stood at EGP 57.7 million in the January-September period, compared to EGP 31.07 million in the prior-year period.

It is worth mentioning that during the first half of 2019, the property developer’s net profit slid to EGP 25.42 million from EGP 55 million in H1-18.