Arab Finance: International Company for Investment and Development (ICID) reported a 29.74% year-on-year (YoY) decline in standalone net profits after tax during the first quarter (Q1) of 2024, as per the firm’s financial indicators.
Standalone net profits came in at EGP 1.585 million in Q1 2024, down from EGP 2.256 million in Q1 2023.
Meanwhile, standalone revenues dropped to EGP 4.226 million from EGP 6.279 million.
ICID is an Egypt-based company engaged in investment activities in different business sectors. It invests in the real estate and housing sector, contracting projects, reclamation of desert lands, financial leasing, and other investments within new and existing companies. It also invests in livestock and poultry production, animal feeds manufacturing, and agricultural land utilization and reclamation.