Cairo – Mubasher: The consolidated financial statements of the Egyptian Financial and Industrial Company (EFIC) reported a 77.5% year-on-year profit hike during 2019.

The company’s net profits jumped to EGP 203.7 million last year from EGP 114.74 million in 2018, including minority shareholders’ rights, according to a statement to the Egyptian Exchange (EGX) on Thursday.

In the meantime, the company’s sales rose to EGP 1.75 billion in 2019, compared to EGP 1.6 billion in the previous year.

As for standalone business, EFIC reported net profits of EGP 143.82 million last year, up from EGP 105.83 million in 2018.

In addition, the company’s board of directors proposed a cash dividend distribution of EGP 54.57 million for the year ended 31 December 2019.

It is worth mentioning that during the January-September period of 2019, EFIC’s net profits dropped by 10% to EGP 54.5 million from EGP 60.7 million in the year-ago period.