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Vertika reports 55% profit decline

Vertika reports 55% profit decline

ArabFinanceVertika for Industry and Trade witnessed a 55% Year on Year decline in its net profit for the first nine months of 2020, according to the company’s November 11th financial statements filed to the Egyptian Exchange.

Net profit after tax stood at EGP 511,063 in the January-September period of 2020, compared to EGP 1,147,647 achieved in the prior-year period.

The listed firm achieved annual growth of 65% in its net profit for the first half of 2020.

Founded in 2005 and listed on EGX in 2013, Vertika offers information technology and business consulting services, while developing and distributing software and applications.

The company also provides telecommunication infrastructure development and internet education services.

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