ALICO turns to profitability in Q1

Updated 5/16/2023 10:07:00 AM
ALICO turns to profitability in Q1

Arab Finance: Arab Real Estate Investment Company (ALICO) (RREI) has become profitable in the first quarter (Q1) of 2023, according to financial statements filed to the Egyptian Exchange (EGX) on May 16th.

The company’s net profits after tax reached EGP 7.179 million during the January-March period of 2023, versus a net loss of EGP 1.040 million during the Q1 2022.

Sales grew to EGP 17.554 million in Q1 2023 from EGP 11.882 million in Q1 2022.

Founded in 1991, ALICO offers real estate brokerage services; engineering, procurement, and construction for residential and heavy projects.

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