Porto Group reported a 12.4% year-on-year decline in its consolidated profits to EGP 116.9 mn for 2019, Invest-Gate reports.

In 2018, the group posted EGP 33.58 mn including minority rights, according to the company’s annual earnings release.

However, revenues rose to EGP 1.7 bn in 2019 from EGP 1.6 bn in 2018, the release added. In addition, the group’s cost of revenues reached EGP 1.28 bn in 2019, an increase from EGP 1.11 bn in the prior year.

According to its standalone financial results, the company turned into profitability after achieving EGP 72.144 mn, compared to losses of EGP 12.8 mn in 2018.

 In September 2019, Porto Group’s subsidiary, Porto Assiut Tourism Development, has signed an agreement with the New Urban Community Authority (NUCA) to purchase a land plot in Assiut, Upper Egypt, for the implementation of an EGP 3 bn project.