Real Estate Egyptian Consortium’s profits fall 57% YoY in Q1

Updated 7/30/2023 10:48:00 AM
Real Estate Egyptian Consortium’s profits fall 57% YoY in Q1

Arab Finance: The Real Estate Egyptian Consortium (AREH) posted a 56.5% year-on-year (YoY) drop in its standalone net profits after tax in the first quarter (Q1) of 2023 to EGP 2.709 million, compared to EGP 6.221 million, according to a filing on July 30th.

Revenues came in at EGP 10.803 million in Q1 2023, down from EGP 14.533 million in Q1 2022.

Real Estate Egyptian Consortium is an Egypt-based public shareholding company engaged in the real estate investment sector.

The company focuses on real estate development and general building contracts, such as the construction of hotels and touristic villages, housing complexes, among others.

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