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Development and Engineering Consultants posts 86% profit drop in 2019

Development and Engineering Consultants posts 86% profit drop in 2019
The firm’s revenues shrank to EGP 204.587 million

Cairo – Mubasher: Development and Engineering Consultants Co (TAMEER) reported an 85.53% year-on-year plunge in its net profits during 2019, the company’s consolidated financial statements showed.

The company’s net profits dwindled to EGP 47.86 million last year from EGP 330.75 million in 2018, including minority shareholders’ rights, according to a bourse filing on Sunday.

Meanwhile, the firm’s revenues shrank to EGP 204.587 million in 2019, compared to EGP 742.355 million in the previous year.

On the other hand, TAMEER’s standalone financials reported net profits of EGP 49.019 million last year, up from EGP 27.547 million a year earlier.

It is worth mentioning that during the first nine months of 2019, the company’s net profits declined to EGP 14.3 million from EGP 69.3 million in the corresponding period of 2018, including minority shareholders’ rights.