Cairo – Mubasher: The consolidated net profits of Amer Group Holding Co plunged to EGP 39.44 million in the first quarter (Q1) of 2022, compared to EGP 209.92 million in the year-ago period, including minority shareholders' rights.

The company generated revenues of EGP 618.15 million in Q1-22, down from EGP 1.02 billion in the same period of 2021, according to a bourse filing on Monday.

As for the standalone businesses, the company incurred net losses of EGP 17.72 million in the January-March period of 2022, against net profits of EGP 29.83 million in the corresponding period of the earlier year.

It is noteworthy to mention that in 2021, Amer Group achieved net profits of EGP 83.21 million, up from EGP 25.51 million in 2020.