Egypt’s El Sewedy Electric, the largest listed cable company in the Arab world, reported a drop in net profit for Q2 2019, triggering a retreat in its shares.

Q2 2019 consolidated net profit amounted to 939 million Egyptian pounds ($56.56 million), compared to 972 million pounds in Q2 2018, a 3.4 percent drop.

The company’s Q2 consolidated revenue rose 2.08 percent to 10.33 billion pounds, up from 10.12 billion pounds for the same period last year.

On Monday, the company’s shares were trading 1.67 percent lower at 13.5 pounds by 13:13 GST.

For H1 2019, El Sewedy Electric’s net profit fell 19.42 percent to 1.95 billion dirhams, compared to 2.42 billion dirhams in H1 2018.

(Writing by Gerard Aoun, editing by Seban Scaria)

(Gerard.aoun@refinitiv.com)

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