New Ismailia’s losses widen 15.5% YoY in Q1 2024

Updated 5/13/2024 11:04:00 AM
New Ismailia’s losses widen 15.5% YoY in Q1 2024

Arab Finance: New Ismailia for Urban Development Company’s (IDRE) net losses after tax rose 15.5% year on year (YoY) in the first quarter (Q1) of 2024, as per a statement on May 13th.

The company posted a net loss after tax of EGP 228,540 in the January-March period of this year, compared to a net loss of EGP 197,820 million in the same period the year before.

However, operating revenues jumped to EGP 427,500 from EGP 204,000.

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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