Arab Finance: United Company for Housing and Development (UNIT) posted an 77.92% year-on-year (YoY) decrease in consolidated net profit attributable to the parent company for the first quarter (Q1) of 2023, according to the consolidated financial statement filed to the Egyptian Exchange (EGX) on May 31st.

Consolidated net profit excluding minority interest amounted to EGP 5.856 million in Q1 2023, compared to a profit of EGP 26.522 million in Q1 2022.

As per the standalone financial statement, the company recorded a net profit after tax of EGP 3.042 million in the January-March period this year, up from EGP 1.125 million in Q1 2022.

United for Housing is an Egypt-based company that operates in the housing and real estate investment sector.

The company is primarily engaged in real estate investment activities in Alexandria and other governorates. It purchases, reclaims, and sells land and property, in addition to developing housing and construction projects, and offering financial leasing services.

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