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Egyptians for Housing’s Q1 consolidated profit drops 99.2% YoY

Egyptians for Housing’s Q1 consolidated profit drops 99.2% YoY

Arab FinanceEgyptians for Housing and Development Company (EHDR) recorded a 99.2% year-on-year (YoY) decline in consolidated profits attributable to the parent company for the first quarter (Q1) of 2022, according to the consolidated financial statement filed to the Egyptian Exchange (EGX) on May 26th.

The company achieved a consolidated net profit excluding minority interest of EGP 27,573 in Q1 2022, compared to EGP 3.51 million in Q1 2022.

As per the standalone financial statement, the company turned to losses in Q1 2022, with a standalone loss after tax of EGP 2.66 million, versus a net profit of EGP 1.059 million in the same quarter last year.

Egyptians for Housing operates in the real estate development and investment sector, with the focus on the businesses of buying, purchasing, dividing, and selling lands, and establishing buildings and facilities.

The company’s business also includes setting up urban expansion projects, residential and commercial complexes, and new township projects.

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