Cairo – Mubasher: Al Shams Housing and Urbanization has reported a 34.6% year-on-year profit decline during the fiscal year 2019.

The company’s net profit dropped to EGP 135.58 million in 2019, compared to EGP 207.4 million a year earlier.

Revenue decreased to EGP 218.7 million last year, from EGP 305.18 million in the year-ago period.

In January, Al Shams announced that it sought to achieve profits of EGP 187.45 million in 2020. The company unveiled plans to invest a total of EGP 308.99 million this year.

It is noteworthy to mention that during the January-September period, the company generated profits of EGP 96.96 million, compared to EGP 170.7 million in the same period in 2018.