Cairo – Mubasher: Nasr Company for Civil Works reported a 22.2% year-on-year decline in its net profits in 2019, the company’s unaudited financial results showed.

Net profits went down to EGP 42.37 million in the twelve-month period ended 31 December 2019, compared to EGP 54.5 million a year earlier, the company said in a filing to the Egyptian Exchange (EGX) on Tuesday.

In the meantime, the company’s revenues declined to EGP 273.05 million last year from EGP 299.43 million in 2018.

The company attributed the drop in profits to lower real estate investment activity during the year, along with a decrease in operating revenues.

In addition, the company’s board of directors recommended a cash dividend distribution of EGP 0.50 per share, along with a one-for-two bonus share issue.  

The board approved raising the company’s issued capital by 27.451 million to EGP 82.355 million from EGP 54.9 million. The capital raise will be financed from the company’s earnings for 2019.

It is noteworthy that during the first nine months of 2019, the Egyptian company reported net profits of EGP 11.4 million, compared to EGP 61.2 million in the year-ago period.