Cairo – Mubasher: The International Company for Leasing (Incolease) reported a 13.4% year-on-year decrease in its net profits during 2019.

The company’s net profits fell to EGP 92.67 million last year from EGP 107.07 million in 2018, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

Revenues plunged to EGP 704.83 million in the 12-month period ended 31 December 2019, compared to EGP 1.2 billion a year earlier.

In addition, the company’s board of directors recommended a cash dividend distribution of EGP 2.5 per share, totalling EGP 50 million.

It is noteworthy that during the first nine months of 2019, Incolease’s net profits declined to EGP 81.13 million from EGP 84.08 million in the same period of 2018.