Cairo – Mubasher: Pyramisa Hotels and Resorts reported a 29.77% year-on-year profit decline during 2019, the company’s consolidated financial statements showed. 

The company’s net profits shrank to EGP 37.49 million last year from EGP 53.38 million in 2018, including minority shareholders’ rights, according to a bourse statement on Sunday.

Meanwhile, the cost of revenues rose to EGP 182.959 million during the 12-month period ended 31 December 2019, compared to EGP 118.212 million a year earlier.

As for standalone business, the company’s net profit fell by 26.61%, registering EGP 38.96 million in 2019, compared to EGP 51 million in the previous year.

The company’s board of directors recommended a cash dividend distribution of 10% of the company’s issued and paid-up capital at a total value of EGP 420 million for 2019, after excluding treasury stocks, at EGP 2 per share.

It is worth mentioning that during the first nine months of 2019, Pyramisa Hotels and Resorts reported net profits of EGP 61.9 million, up from EGP 35.18 million in the year-ago period.