Cairo – Mubasher: Reacap Financial Investments reported a 72% year-on-year profit decline during 2019, the company’s consolidated financial statements showed.
The company’s net profits sank to EGP 18.7 million last year from EGP 67.02 million in 2018, including minority shareholders’ rights, according to a statement to the Egyptian Exchange (EGX) on Monday.
Meanwhile, revenues dipped to EGP 33.97 million in 2019, compared to EGP 102.8 million in the previous year.
As for standalone financials, the Egyptian firm turned profitable with EGP 45.11 million last year, versus net losses of EGP 1.38 million a year earlier.
In addition, the board of directors recommended increasing the company’s issued and paid-up capital through a bonus issue.
The board proposed distributing one bonus share for every 20 shares held to be financed from the earnings reported in the company’s financial statements for the period ended 31 December 2019.
It is noteworthy to mention that during the first nine months of 2019, the company’s net profit reached EGP 19.27 million, down from EGP 66.27 million in the year-ago period.
