Cairo – Mubasher: International Company for Investment and Development (ICID) has succumbed to losses in the first quarter of 2019, according to its consolidated financial results.
The Egyptian company’s net losses amounted to around EGP 157,630 in Q1-19, versus a profit of nearly EGP 56,850 in the corresponding period a year earlier, ICID said in a statement to the Egyptian Exchange (EGX) on Monday.
Meanwhile, revenues surged to EGP 2.33 million in the January-March period of 2019, compared to about EGP 582,150 in Q1-18.
Contracting costs registered EGP 711,350 in Q1-19, offsetting the revenue hike during the same period.
As for standalone results, the company’s profits rose to around EGP 627,350 from January to March, against nearly EGP 16,150 in the year-ago period.
For the full-year 2018, ICID logged EGP 1.05 million in net profits, compared to EGP 1.7 million in the prior year.
The company’s expenses levelled up 36.22% to EGP 3.97 million last year from EGP 2.92 million in 2017.