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Amer Group’s profit slides 24.5% in 2019

Amer Group’s profit slides 24.5% in 2019
Revenues fell to EGP 1.49 billion in 2019
Amer Group
AMER
-2.06% 1.00 -0.02

Cairo – Mubasher: The consolidated financial statements of Amer Group Holding Co. showed a 24.5% year-on-year (YoY) drop in its net profits during 2019.

The company’s net profits retreated to EGP 56.4 million last year, compared to EGP 74.7 million in 2018, including minority shareholders’ rights, according to a bourse disclosure on Sunday.

Moreover, revenues fell to EGP 1.49 billion in 2019 from EGP 1.93 billion a year earlier.

As for 2019 standalone financials, Amer Group achieved net profits of EGP 60.43 million, up from EGP 30.66 million in 2018.

It is noteworthy to mention that in the January-September period of 2019, the Egyptian firm reported net profits of EGP 39.3 million, down from EGP 70.8 million in the corresponding period of 2018, including minority shareholders’ rights.