ICID’s consolidated profits slip 13% YoY in Q1 2024

Updated 5/30/2024 3:07:00 AM
ICID’s consolidated profits slip 13% YoY in Q1 2024

Arab Finance: International Company for Investment and Development (ICID) logged a 13% year-on-year (YoY) decrease in consolidated net profits attributable to the parent company during the first quarter (Q1) of 2024, as per the firm’s financial statement.

Net profits came in at EGP 3.448 million in Q1 2024, down from EGP 3.963 million in Q1 2023.

Meanwhile, total revenues dropped to EGP 1.399 million from EGP 6.402 million.

On May 26th, the firm recorded EG standalone net profit of P 1.585 million in Q1 2024, down from EGP 2.256 million in Q1 2023.

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.

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