Arab Finance: United Company for Housing and Development (UNIT) posted a 41.94% year-on-year (YoY) decrease in consolidated net profit attributable to the parent company for the first half (H1) of 2023, according to the financial statement filed to the Egyptian Exchange (EGX) on August 15^th.

Consolidated net profit excluding minority interest amounted to EGP 33.331 million in H1 2023, compared to a profit of EGP 57.404 million in H1 2022.

Consolidated net sales hit EGP 108.680 million, down from EGP 135.728 million.

As per the standalone financial statement, the company recorded a net profit after tax of EGP 30.453 million in the January-June period this year, up from EGP 26.018 million in H1 2022.

United for Housing is an Egypt-based company that operates in the housing and real estate investment sector.

The company is primarily engaged in real estate investment activities in Alexandria and other governorates. It purchases, reclaims, and sells land and property, in addition to developing housing and construction projects, and offering financial leasing services.

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