Cairo – Mubasher: El Kahera Housing reported a 76% year-on-year profit retreat during the first nine months of 2019, dragged by lower revenue, according to the company’s consolidated financial statements.

Net profits plunged to EGP 85.18 million in the January-September period, compared to EGP 356.8 million in the year-ago period, including minority shareholders’ rights, the company said in a statement to the Egyptian Exchange (EGX) on Monday.

Meanwhile, revenues fell to EGP 888.8 million in the nine-month period ended 30 September from EGP 1.39 billion in the corresponding period of 2018.

At the level of standalone business, the company incurred net losses of EGP 31.7 million during the first nine months of the year, against net profits of EGP 279.3 million in the same period a year earlier.

It is noteworthy that during the first half of 2019, El Kahera Housing logged a net profit of EGP 80.13 million, down from EGP 257.69 million in H1-18.