Cairo – Mubasher: The consolidated financial statements of El Kahera Housing showed a 68.9% year-on-year decline in profits for the first half of 2019, dragged by lower revenues.  

The profits of the period tumbled to EGP 80.13 million in H1-19 from EGP 257.69 million in the corresponding period in 2018, including minority shareholders’ rights, El Kahera Housing disclosed to the Egyptian exchange (EGX) on Thursday.

Year-on-year, revenues fell to EGP 612.75 million in the six-month period ended 30 June from EGP 991.22 million.

As for the standalone financials, the firm’s profits plunged to EGP 2.41 million during H1-19 from EGP 205.5 million in the year-ago period.

It is worthy to point out that during the first quarter of 2019, El Kahera Housing’s profits leapt to EGP 103.17 million year-on-year, when compared to EGP 19.57 million, while sales and revenues hiked to EGP 452.66 million from EGP 300.184 million in Q1-18.