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Nile City Investments profit slips to EGP 35M

Nile City Investments profit slips to EGP 35M

ArabFinanceNile City Investments (NCIN) posted a consolidated net profit before minority interest of EGP 35.294 million in 2020, according to the company’s unaudited financial statements filed to the Egyptian Exchange.

This marked a Year on Year (YoY) decline of 94% when compared to EGP 598.672 million in 2019.

Standalone net profit reached EGP 51.612 million in 2020, an 81.95% decline from EGP 285.884 million posted in 2019.

The company attributed the profit decrease to the impact of the pandemic and the shortage in revenues of the touristic activity in 2020.

Earlier, the company’s board of directors approved the cancellation of a plan to establish a new development company.

Nile City Investment is an Egypt-based public shareholding company engaged in the real estate development and investment sector. It invests in real estate developments, mainly residential, commercial, and administrative unit buildings.

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