ArabFinance: Islamic Gharbia Company for Developed Buildings (GIHD) posted a 99% Year on Year slip in its net profit for Quarter One (Q1) of 2020, according to a May 12th financial statements filed to the Egyptian Stock Exchange.

Net profit reached EGP 6.689 million in Q1 2020, compared to EGP 1,828,497 million achieved in Q1 2019.

In 2019, the company’s net profit stood at EGP 3.89 million, a 319% jump from EGP 927,261 a year earlier.

Islamic Gharbia is an Egypt-based public shareholding company engaged in the real estate development sector. The company focuses on the purchase and reclamation of land for the purpose of construction and development activities, general and special contracting, trade in raw materials and construction supplies, and import and export of construction-related materials.