Amer Group Holding posted a 54% year-on-year slump in its consolidated profits for the first half of 2019, mainly due to lower sales, Invest-Gate reports.

The group’s consolidated net profits reached EGP 25.4 mn in H1 2019, compared to EGP 55 mn in the same period a year earlier, according to the company’s financial statements on August 19.

Similarly, sales declined to EGP 691.7 mn in the six-month period of 2019 from EGP 802 mn in the prior-year period, the bourse filing showed.

However, standalone profits went down to EGP 65.36 mn in H1 2019, compared to EGP 41.14 mn in H1 2018, according to the group’s standalone financial statements.

During the first quarter of 2019, Amer Group reported consolidated losses of EGP 4.55 mn, against net profits of EGP 18.88 mn in the year-ago period.

On July 9, the EGX-listed company’s board of directors approved the appointment of Former Transport Minister Hisham Arafat as the company’s new chairman and board member, succeeding Mansour Amer, its founder, after he stepped down on that day.