ArabFinance: Islamic Gharbia Company for Developed Buildings (GIHD) reported an 88% Year on Year fall in its net profit in the first half (H1) of 2020, according to an August 11th financial statement filed to the Egyptian Stock Exchange.

Net profit reached EGP 219,464 in H1 of 2020, compared to EGP 1,973,395 achieved in H1 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.