Arab Finance: Arab Developers Holding (ARAB) has turned to losses in the first quarter (Q1) of 2022, according to the preliminary financial results filed to the Egyptian Exchange (EGX) on May 26th.
The developer incurred a consolidated net loss after tax of EGP 8.66 million in Q1 2022, versus a net profit of EGP 18.85 million in Q1 2021.
Revenues amounted to EGP 186.56 million in the three-month period ended March 31st, down from EGP 318.16 million in the same quarter last year.
Meanwhile, the company shrank its standalone net loss for Q1 2022 to EGP 2.57 million from EGP 5.75 million in Q1 2021.
Established in 2015, Arab Developers is a leading real estate developer in Egypt that has a diversified business portfolio.