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Egyptian Real Estate Consortium report 62% profit decrease

Egyptian Real Estate Consortium report 62% profit decrease

ArabFinance: Egyptian Real Estate Consortium (AREH) (EREC) reported a 62% Year on Year decline in its standalone net profit in the first nine months of 2020, according to the company’s October 27th financial statements filed to the Egyptian Exchange.

Standalone net profit after tax stood at EGP 11,328,141 in January-September period of 2020, compared to EGP 30,168,761 achieved in the prior-year period.

The company attributed the decline in profit to the recession resulted in the coronavirus crisis.

EREC stated that Suez Canal Bank (CANA) cut its stake in the former's capital from 7.6564% to 0.00148%.

EREC is an Egypt-based real estate developer and general building contractor, with its major shareholders including the National Bank of Egypt and Suez Canal Bank. The company is also involved in the construction of hotels and tourist villages, and housing projects, in addition to urban planning and financial leasing.

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