Cairo – Mubasher: The consolidated financial statements of Emaar Misr for Development showed a 49% year-on-year profit plunge during 2019.

The company’s net profits shrank to EGP 1.7 billion last year from EGP 3.4 billion in 2018, including minority shareholders’ rights, according to a statement to the Egyptian Exchange (EGX) on Monday.

Meanwhile, revenues declined to EGP 5.4 billion in 2019, compared to EGP 6.3 billion in the previous year.

As for standalone business, the real estate firm reported net profits of EGP 1.74 billion last year, down from EGP 3.4 billion a year earlier.

It is noteworthy to mention that during the January-September period of 2019, the company’s net profits dipped to EGP 628.99 million from EGP 1.76 billion in the year-ago period, including minority shareholders’ rights.