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Amer Group reports 50% decline in 2017 consolidated profits on lower revenues - Daily News Egypt

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Amer Group reports 50% decline in 2017 consolidated profits on lower revenues

Company net profit stands at EGP 92.9m versus EGP 184.4m in 2016

Amer Group Holding’s consolidated net profit declined 50% in 2017, as the company revenues decelerate, the company said in a press release on Sunday.

Net profits stood at EGP 92.9m last year, versus EGP 184.4m profits in 2016.

Revenues narrowed to EGP 2.15bn in 2017 from EGP 2.4bn a year earlier.

Meanwhile, standalone profits jumped to EGP 163m in 2017, versus losses of EGP 11.72m the year before.

Company sales came in at EGP 1.49bn in 2017, against EGP 847m a year earlier.

Commenting on the company outlook in 2018, Amer Group said that it is currently studying investment opportunities to boost its revenues, including using its land bank in new projects in partnership with local developers.

In the first nine months of 2017, the company reported a 73.2% year-over-year drop in consolidated profits for the third quarter (Q3) of 2017 due to a decline in revenues.

Net profit stood at EGP 20.4m in the three-month period ending September 2017, versus EGP 76.3m in Q3 2016.

Revenues retreated to EGP 602.1m in Q3 2017 from EGP 889.9m in Q3 2016.

The net profit amounted to EGP 83.7m, compared to EGP 151.6m in the prior-year period.

Standalone profits rose to EGP 162.2m in the nine-month period ending September 2017 from EGP 1.4m in the corresponding period of 2016.

Amer Group shares fell 3.23% in Sunday’s session.

Topics: Amer Group

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