Cairo – Mubasher: Porto Group Holding announced the resignation of its chairman and managing director Mohamed Sayed Mohamed Abdul Raziq.

The company’s board of directors approved the appointment of Gamal Fawzi Mohamed Fathallah as the new chairman and managing director, according to a bourse disclosure on Monday.

The board also decided to appoint Ayman Mokhtar Ibrahim Khalifa as a deputy chairman and managing director for financial affairs and business development.

For the full-year 2019, the company’s net profits slid to EGP 116.88 million from EGP 133.58 million in 2018, including minority shareholders’ rights.