Arab Finance: Utopia for Real Estate and Tourism Investment (UTOP) recorded an 89.3% year-on-year (YoY) decline in net profits after tax during the first quarter (Q1) of 2024, according to a disclosure on May 28th.
The company’s net profits after tax came in at EGP 357,195 in Q1 2024, down from EGP 3.347 million in Q1 2023.
The firm did not achieve any operating revenues in the three-month period, compared to EGP 5.84 million in the corresponding period last year.
Established in 1999 and listed in 2009, Utopia is a public company that operates within the real estate sector focusing on diversified real estate activities.