Cairo – Mubasher: Industrial Engineering Company for Construction and Development (ICON) reported consolidated net profits of EGP 36.2 million in the first half (H1) of 2020, down by 55.04% year-on-year (YoY) from EGP 82.04 million, including minority shareholders’ rights.

The company’s revenues plunged to EGP 656.53 million in the January-June period, compared to EGP 939.3 million in the same period in 2019, according to a bourse disclosure on Tuesday.

As for the second quarter (Q2) of the year, ICON logged EGP 13.54 million in net profits, down from EGP 32.2 million in Q2-19.

In addition, the standalone financial results for H1-20 showed net losses of EGP 572,935, against net profits of EGP 6.6 million.

During the first three months of 2020, ICON’s net profits slumped to EGP 22.66 million from EGP 52.571 million in the prior-year period, including minority shareholders’ rights.