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Zahraa Maadi reports 17% profit increase

Zahraa Maadi reports 17% profit increase

ArabFinance: Zahraa Maadi Investment and Development (ZMID) reported a 16.5% Year on Year increase in its net profit in the first nine months of 2020, according to the company’s October 27th  financial statements filed to the Egyptian Exchange.

Net profit after tax stood at EGP 128,509,482 in January-September period of 2020, compared to EGP 110,282,256 achieved in the prior-year period.

The company attributed the increase in net profit to the rise in down payment, sale instalments, and the decline of funding expenditure.

Last September, Zahraa Maadi announced the establishment of a new joint firm with Premier Real Estate Investments, besides offering a 53,700 square-meter land plot to be developed in partnership with other property developers.

Zahraa Maadi is an Egypt-based public shareholding company engaged in real estate development, construction, contracting, urbanization, housing, and tourism, as well as other investment activities. The company is involved in the construction and development of residential and commercial buildings, as well as purchase, sale, and reclamation of lands and properties. 

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