Cairo – Mubasher: The consolidated net profits of Development and Engineering Consultants Co (TAMEER) slumped by 62% year-on-year (YoY) to EGP 18.14 million in 2020, compared to EGP 47.68 million, excluding minority shareholders’ rights.

In addition, the profits attributable to minority interests surged to EGP 25.78 million in 2020, compared to EGP 183,680 in 2019, according to a bourse disclosure on Sunday.

In total, the net profits fell to EGP 43.93 million last year from EGP 47.86 million a year earlier.

Moreover, the company generated EGP 162.13 million in sales during 2020, down from EGP 204.58 million in 2019.

As for standalone business, the company turned to net losses of EGP 3.17 million last year, versus net profits of EGP 49.02 million the year before.

The board of directors decided to increase the paid-up and issued capital by EGP 48.89 million to EGP 299.37 million from EGP 249.48 million through the issuance of 3.56 bonus shares at a nominal value of EGP 14 apiece.

The two-for-10 bonus issue decision will be referred to the company’s shareholders for approval.