Arab Development’s profits fall 78% YoY in 9 months

Updated 11/9/2023 11:25:00 AM
Arab Development’s profits fall 78% YoY in 9 months

Arab Finance: Arab Development and Real Estate Investment (ADRI) reported a 77.6% year-on-year (YoY) drop in net profits after tax during the first nine months of 2023, recording EGP 105,829, compared to EGP 472,518, according to the financial income statement filed to the Egyptian Exchange (EGX) on November 9th.

Operating revenue plunged to EGP 2.726 million in the January-September period of 2023 from EGP 6.537 million in the same period of 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.

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