Cairo – Mubasher: The consolidated financial statements of Giza General Contracting and Real Estate Investment Co reported a 15% year-on-year drop in its net profits during 2019, dragged by higher cost of revenues.

The company’s net profits went down to EGP 53.46 million last year, compared to EGP 62.8 million in 2018, including minority shareholders’ rights, according to a statement to the Egyptian Exchange (EGX) on Sunday.

Meanwhile, revenues rose to EGP 1.11 billion in 2019 from EGP 973.14 million in the previous year, while the cost of revenues increased to EGP 1.03 billion from EGP 872.7 million in 2018.

As for standalone business, the company’s net profit fell to EGP 53.73 million last year from EGP 62.7 million a year earlier.

It is noteworthy to mention that during the first nine months of 2019, the Egyptian firm reported net profits of EGP 47.999 million, slightly up from EGP 47.792 million in the year-ago period.