Cairo – Mubasher: The consolidated financial statements of Giza General Contracting and Real Estate Investment Co showed net profits of EGP 9.8 million in the first quarter of 2020, down by 49% from EGP 19.3 million in the prior-year period.

The company’s revenues fell to EGP 249.39 million in the first three months of the year from EGP 297.47 million in the same period a year earlier, according to a bourse disclosure on Wednesday.

As for standalone financials, the company’s net profits dropped to EGP 9.8 million in Q1-20 from EGP 19.39 million in Q1-19.

It is worth mentioning that in 2019, the Egyptian firm logged net profits of EGP 53.46 million, down from EGP 62.8 million in 2018, including minority shareholders’ rights.