Cairo – Mubasher: Nile City Investments reported consolidated net profits of EGP 47.19 million in the first quarter (Q1) of 2021, down by 61.5% year-on-year (YoY) from EGP 122.73 million, including minority shareholders' rights. 

The revenues declined to EGP 166.35 million in the January-March period, compared to EGP 237.54 million in the corresponding period a year earlier, the company said in a bourse disclosure on Wednesday. 

As for standalone business, the company logged net profits of EGP 52.13 million in Q1-21, down from EGP 66.67 million in Q1-20. 

During 2020, Nile City Investments achieved net profits of EGP 48.57 million, compared to EGP 598.67 million a year earlier, including minority shareholders’ rights.