Cairo – Mubasher: Misr National Steel (Ataqa) reported a 92% year-on-year drop in its net profits during 2019.

The company’s net profits dwindled to EGP 13.8 million last year from EGP 174.91 million in 2018, according to a statement to the Egyptian Exchange (EGX) on Sunday.

Meanwhile, the company’s sales plunged to EGP 2.23 billion in 2019, compared to EGP 3.8 billion in the previous year.

It is worth mentioning that during the first nine months of 2019, Ataqa’s net profits slumped to EGP 53.16 million from EGP 187.33 million in the year-ago period.