Cairo – Mubasher: The Egyptian Company for International Touristic Projects (Americana Egypt) reported a 54.6% year-on-year profit drop during 2019, the company’s consolidated financial statements showed.

Americana Egypt’s net profits sank to EGP 13.37 million last year from EGP 29.46 million in 2018, including minority shareholders’ rights, according to a statement to the Egyptian Exchange (EGP) on Monday.

On the other hand, the company’s revenues rose to EGP 4.09 billion in 2019, compared to EGP 3.66 billion in the previous year.

As for standalone business, the Egyptian firm reported net profits of EGP 28.43 million last year, down from EGP 116.52 million a year earlier, while its revenues grew to EGP 3.69 billion from EGP 3.32 billion in 2018.

It is worth mentioning that during the first nine months of 2019, Americana Egypt’s net profits after taxes amounted to EGP 65.08 million, down from EGP 91.83 million in the year-ago period.

Moreover, the company’s board of directors recommended a cash dividend distribution of EGP 23.12 million for 2019.

Dividends will be distributed in two payments: EGP 18 million or 5% of the company’s paid-up capital and EGP 5.12 million.

In addition, the board approved allocating retained profits of EGP 95.026 million for 2020.