Arab Development’s profits plummet 98% YoY in Q1 2024

Updated 5/29/2024 12:53:00 PM
Arab Development’s profits plummet 98% YoY in Q1 2024

Arab Finance: Arab Development and Real Estate Investment (ADRI) reported a 98.3% year-on-year (YoY) decrease in net profits after tax during the first quarter (Q1) of 2024, according to a filing.

The firm earned EGP 2,096 in net profits in Q1 2024, down from EGP 120,626 in Q1 2023.

Meanwhile, operating revenues climbed to EGP 4.105 million from EGP 1.265 million.

Launched in 2011 and listed on EGX in 2014, the company's operations are focused on real estate development. It has one subsidiary operating across Egypt, working on real estate investment trusts.

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