Cairo – Mubasher: Arabian Cement Co. reported an 87.5% year-on-year profit decline during 2019, the company’s consolidated financial statement showed.

The cement producer’s net profits sank to EGP 28.93 million last year from EGP 231.64 million in 2018, including minority shareholders’ rights, according to a statement to the Egyptian Exchange (EGX) on Thursday.

Meanwhile, the company’s sales retreated to EGP 3.1 billion in 2019, compared to EGP 3.27 billion in the previous year.

As for standalone business, the company’s net profits dipped to EGP 30.09 million last year from EGP 233.64 million a year earlier.

It is noteworthy to mention that during the first nine months of 2019, the company reported net profits of EGP 32.9 million, down from EGP 214.8 million in the year-ago period, including minority shareholders’ rights.