Cairo – Mubasher: The consolidated financial statements of Suez Canal Company for Technology Settling showed a EGP 183.36 million net profit during the September-November period of 2019.

The company’s revenues amounted to EGP 351.47 million during the first quarter of the fiscal year which will end on 31 August 2020, according to a bourse disclosure on Thursday.

No comparative figures were reported for the prior-year period as the financial statements for the period ended 31 August 2019 were not finalised.

As for standalone business, Suez Canal Company for Technology Settling posted a net profit of EGP 258.94 million during the three-month period ended 30 November, up from EGP 20.68 million in the year-ago period.

Meanwhile, revenues retreated to EGP 18.17 million in the September-November period, compared to EGP 20.58 million in the corresponding period a year earlier.

The hike in net profits was ascribed to the generation of investment revenues amounting to EGP 242.44 million from subsidiary companies by the end of November.

It is noteworthy that during FY18/19, the company’s net profits jumped to EGP 476.6 million, compared to EGP 55.7 million in the prior fiscal year.