Arab Development posts 33% profit decrease

Updated 6/16/2020 11:22:00 AM

ArabFinance:  Arab Development and Real Estate Investment (ADRI) reported a 32.5% Year on Year decline in its net profit in Quarter one (Q1) of 2020, according to the company's June 15th financial statements filed to the Egyptian Exchange (EGX).

Net profit stood at EGP 628,611 in Q1 2020, compared to EGP 932,142 posted in Q1 2019.

The company earned net profit after tax of EGP 1,993,735 in 2019, a 44% rise from EGP 1,379,007 in 2018.

ADRI announced dividends of EGP 0.03 per share for 2019.

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.