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Prime Holding swings to losses in 2019 unaudited financials

Prime Holding swings to losses in 2019 unaudited financials
Revenues fell to EGP 62.35 million
Prime Holding
PRMH
-100.00% 0.63 -0.70

Cairo – Mubasher: The unaudited consolidated financial results of Prime Holding showed a turn to losses during 2019.

The company incurred net losses of EGP 11.63 million last year, versus net profits of EGP 32.23 million in 2018, according to a statement to the Egyptian Exchange (EGX) on Wednesday.

Revenues fell to EGP 62.35 million in the 12-month period ended 31 December 2019, compared to EGP 99.7 million a year earlier.

As for standalone business, the company suffered net losses of EGP 9.99 million last year, against net profits of EGP 22.46 million in 2018.

It is noteworthy that during the first nine months of 2019, Prime Holding’s net profits dwindled to EGP 4.2 million from EGP 28.9 million in the year-ago period, including minority shareholders’ rights.