Cairo – Mubasher: The consolidated financial statements of Porto Group Holding posted a 12.4% year-on-year (YoY) decrease in its net profits during 2019.

The company’s net profits retreated to EGP 116.88 million last year from EGP 133.58 million in 2018, including minority shareholders’ rights, according to a bourse disclosure on Monday.

Meanwhile, revenues grew to EGP 1.73 billion in 2019 from EGP 1.6 billion a year earlier, while the cost of revenues rose to EGP 1.28 billion from EGP 1.11 billion in 2018.

As for standalone business, Porto Group Holding turned profitable with EGP 72.144 million last year, versus net losses of EGP 12.8 million in the previous year.

In addition, the company’s board of directors recommended a one-for-six bonus issue as dividends for 2019. The proposal is still pending shareholder approval.

It is noteworthy that during the January-September period of 2019, the company’s net profits fell to EGP 91.3 million from EGP 115.8 million in the prior-year period, including minority shareholders’ rights.