Cairo – Mubasher: Naeem Holding for Investment, listed on the Egyptian Exchange (EGX) and the Dubai Financial Market (DFM), announced turning to losses, the consolidated financial statement for the first nine months of 2019 showed.

The company incurred net losses of $2.4 million in the January-September period, against net profits of $1.46 million in the corresponding period a year earlier, according to a statement to the Egyptian Exchange (EGX) on Sunday.

Meanwhile, Naeem Holding's revenue from fees, commissions, and investment management stood at $1.48 million during the nine-month period ended 30 September, down from $3.4 million in the year-ago period.

As for the third quarter of 2019, the company’s losses widened to $2.16 million from $972,667 in Q3-18.

At the level of standalone business for the January-September period, the company suffered net losses of $1.34 million, against net profits of $73,077 in the corresponding period a year earlier.

It is noteworthy that during the first half of 2019, Naeem Holding for Investment suffered a net loss of $236,958, versus a profit of $2.43 million in H1-18.