Cairo – Mubasher: Shorouk for Modern Printing and Packaging recorded a 31.5% year-on-year profit drop during the first half of 2019, the company’s consolidated financial statements showed.
Net profits slid to EGP 16.69 million in the January-June period of 2019, compared to EGP 24.38 million in the year-ago period, including minority shareholders’ rights, the company said in a statement to the Egyptian Exchange (EGX) on Monday.
Year-on-year, sales retreated to EGP 770.02 million in the six-month period ended 30 June from EGP 783.87 million.
At the level of standalone business, the company’s profit declined to EGP 38.88 million in H1-19, compared to EGP 46.52 million in H1-18.
As for the second quarter of 2019, the EGX-listed firm posted a net profit of EGP 13.86 million, compared to EGP 4.42 million in Q2-18.
It is noteworthy that during the three-month period ended 31 March, the company’s net profits plunged to EGP 2.83 million from EGP 19.96 million in the year-ago period.
