Arab Finance:  New Ismailia for Urban Development Company (IDRE) has reported a 62.4% year-on-year (YoY) drop in its net losses after tax during the first quarter (Q1) of 2023, according to financial statements filed to the Egyptian Exchange (EGX) on May 10^th.

The company posted net losses after tax of EGP 197,820 in the January-March period of this year, compared to a net loss of EGP 526,064 in the same period a year earlier.

Operating profits surged to EGP 204,000 million in the three months ended March 31st from EGP 124,206 in the year-ago period.

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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