Cairo – Mubasher: Arabia Investments Holding (AIH) reported net profits of EGP 22.76 million in the first half (H1) of 2020, down by 28% year-on-year (YoY) from EGP 31.62 million, including minority shareholders’ rights.

The company’s revenues slid to EGP 591.57 million in the January-June period from EGP 715.98 million in the corresponding period a year earlier, according to a bourse disclosure on Thursday.

Moreover, the cost of revenues increased to EGP 144.45 million in H1-20 from EGP 131.81 million in H1-19.

The standalone financial statements showed net losses of EGP 4.325 million in the six-month period ended 30 June, against net profits of EGP 970,140 in the year-ago period.

During the first quarter (Q1) of 2020, AIH achieved net profits of EGP 9.22 million, down from EGP 22.13 million in the same period in 2019, including minority shareholders’ rights.