Arab Finance:  New Ismailia for Urban Development Company (IDRE) reported a 71.73% year-on-year (YoY) drop in its net losses after tax during the first half (H1) of 2023, according to financial statements filed to the Egyptian Exchange (EGX) on August 9^th.

The company suffered net losses after tax of EGP 212,596 in the January-June period of this year, compared to a net loss of EGP 752,039 in the same period a year earlier.

Operating profits surged to EGP 420,000 in the six months ended June 30th from EGP 248,412 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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