Cairo – Mubasher: Delta for Construction and Rebuilding reported a 61% year-on-year slide in its net profits during 2019, dragged by higher cost of revenues. 

Net profits dropped to EGP 3.47 million last year from EGP 8.99 million in 2018, the company said in a statement to the Egyptian Exchange (EGX) on Tuesday.

On the other hand, revenues surged to EGP 256.6 million in 2019, compared to EGP 132.6 million in the previous year.

The cost of revenues hiked to EGP 223.2 million during the 12-month period ended 31 December 2019 from EGP 100 million a year earlier.

In addition, the company’s board of directors approved a proposal not to distribute cash dividends for 2019.

It is noteworthy that during the first nine months of 2019, the company’s net profits jumped to EGP 20.4 million from EGP 10.3 million in the corresponding period of 2018.