Cairo – Mubasher: Acrow Misr for Scaffolding and Formwork reported a 6.6% year-on-year (YoY) decline in its net profits in 2019, the company’s consolidated financial statements showed.
The Egyptian firm’s net profits fell to EGP 172.69 million last year from EGP 184.97 million in 2018, according to a bourse disclosure on Monday.
In the meantime, revenues went down to EGP 1.09 billion in 2019, compared to EGP 1.15 billion in the previous year.
As for standalone business, the company’s net profits decreased to EGP 155.86 million last year from EGP 178 million in 2018.
It is noteworthy to mention that during the first nine months of 2019, the company’s net profits shrank to EGP 76.8 million from EGP 161.5 million in the year-ago period, including minority shareholders’ rights.
The company also announced that its board of directors decided not to distribute cash dividends for 2019, noting that the ordinary general meeting (OGM) previously approved cash dividends of EGP 96.34 million or EGP 1.75 per share for the first half of 2019.
