Amer Group’s consolidated profits hit LE 70.89M in 9 months

CAIRO – 6 November 2018: Amer Group Holding Co SAE (AMER)recorded a decline of 15 percent in its consolidated profit during the first nine months of 2018, recording LE 70.89 million, compared to LE 83.71 million in the same months of 2017.

The company's consolidated results at the Egyptian Exchange (EGX) revealed that gross profit during the January to September 2018, dropped to LE 525.33 million, compared to LE 40.99 million.

During the third quarter of 2018, the consolidated profits reached LE 15.82 million, compared to LE 20.38 million, with a decrease of 22.4 percent.

As per the standalone profits, Amer’s results marked a decrease of 80.8 percent, to LE 31.07 million down from LE 162.22 million during the nine months of 2017.

Meanwhile, the company’ loss deepened to LE 10.07 million during the third quarter of 2018, compared to LE 1.96 million during the same period of 2017.

The consolidated results of the company during the first six months of 2018 decreased 13 percent, recording LE 55.08 million, compared to LE 63.3 million during the same months of 2017.

Amer Group operates within the real estate sector focusing on real estate development. It has 31 subsidiaries operating across the Caribbean, Southern Africa, Northern Africa and Middle East.