Islamic Gharbia reports 47% profit decrease
Updated 11/5/2020 12:14:50 AM
ArabFinance: Islamic Gharbia Company for Developed Buildings (GIHD) reported a 47% Year on Year decline in its net profit in the first nine months of 2020, according to the company’s November 4th financial statements filed to the Egyptian Exchange.
Net profit stood at EGP 1,204,657 in the January-September period of 2020, compared to EGP 2,288,477 achieved in the prior-year period.
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.
