Cairo – Mubasher: The consolidated financial statement of Porto Group Holding showed a 21% year-on-year retreat in its net profits during the first nine months of 2019.
Net profits dipped to EGP 91.3 million in the nine-month period ended 30 September, compared to EGP 115.8 million in the corresponding period a year earlier, including minority shareholders’ rights, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.
In the meantime, the company’s revenues declined to EGP 1.26 billion in the January-September period from EGP 1.37 billion in the prior-year period.
As for the third quarter of 2019, Porto Group Holding posted a net profit of EGP 11.26 million, down from EGP 62.7 million in Q3-18.
At the level of standalone financials for the January-September period, the EGX-listed firm turned profitable with EGP 74.5 million, against losses of EGP 11.8 million in the same period a year earlier.
It is noteworthy that during the first half of 2019, Porto Group Holding’s net profits hiked to EGP 80 million from EGP 53.06 million in H1-18, including minority shareholders’ rights.