First Investment’s profits drop 73% YoY in 9 months

Updated 12/31/2023 11:06:00 AM
First Investment’s profits drop 73% YoY in 9 months

Arab Finance: First Investment Company and Real Estate Development (FIRE) posted a 73.3% year-on-year (YoY) decrease in net profits after tax during the first nine months of 2023, according to the financial income statement filed to the Egyptian Exchange (EGX) on December 31st.

The company’s net profits after tax went down to EGP 689,177 in the January-September period of 2023 from EGP 2.583 million in same period last year.

Meanwhile, net revenues fell to EGP 3.231 million from EGP 4.971 million.

Established in 2008, First Investment Company operates within the real estate sector focusing on diversified real estate activities.

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