Arab Finance: Arab Development and Real Estate Investment (ADRI) reported a 76.86% year-on-year (YoY) drop in net profits after tax during the first half (H1) of 2023, recording EGP 88,477, compared to EGP 382,336, according to the financial income statement filed to the Egyptian Exchange (EGX) on August 10th.
Operating revenue plunged to EGP 1.542 million in H1 2023 from EGP 4.272 million in H1 2022.
Launched in 2011 and listed on EGX in 2014, the company's operations are focused on real estate development. It has one subsidiary operating across Egypt, working on real estate investment trusts.