Cairo – Mubasher: Elsaeed Contracting and Real Estate Investment Company posted a 24% year-on-year decrease in its net profits in 2019 due to a rise in the cost of revenue, the company’s consolidated financial statement showed.

The company’s net profits retreated to EGP 43.29 million last year from EGP 57.04 million in 2018, including minority shareholders’ rights, according to a bourse filing on Sunday.

In the meantime, the company’s revenues rose to EGP 837.7 million in 2019 from EGP 736.86 million in the prior year, while its cost of revenue increased to EGP 772 million from EGP 607.3 million in 2018.

As for standalone business, the Egyptian firm reported net profits of EGP 44.2 million last year, down from EGP 56.95 million a year earlier.

It is worth mentioning that during the first nine months of 2019, the company’s net profits declined to EGP 46.38 million from EGP 60.6 million in the year-ago period, including minority shareholders’ rights.