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New Ismailia for Urban Development extends loss by 50.1% YoY in H1

New Ismailia for Urban Development extends loss by 50.1% YoY in H1

Arab Finance: New Ismailia for Urban Development Company (IDRE) has extended its net loss after tax for the first half (H1) of 2022 by 50.14% year-on-year (YoY), according to the financial income statement filed to the Egyptian Exchange (EGX) on August 10th.

The company has incurred a net loss after tax of EGP 752,039 in H1 2022, versus EGP 500,875 in the same period last year.

Meanwhile, operating revenues increased to EGP 248,412 in the January-June period of 2022 from EGP 225,696 in H1 2021.

Moreover, the company suffered a net loss after tax of EGP 225,775 in the second quarter (Q2) of 2022, up from EGP 155,768 in Q2 2021.

Established in 2010, New Ismailia is an Egypt-based company listed on the EGX since June 2011. It operates within the real estate sector, with a focus on planning and establishing urban areas and developing infrastructure projects.

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