Al Shams Housing posts 64.6% YoY profit decline in Q1

Updated 5/30/2022 2:04:00 PM

ArabFinanceAl Shams Housing and Urbanization (ELSH) has reported a 64.63% year-on-year (YoY) decline in net profit after tax during the first quarter (Q1) of 2022, registering EGP 17.424 million, according to financial statements filed to the Egyptian Exchange (EGX) on Monday.

Revenue plummeted to EGP 50.184 million in Q1 2022, from EGP 117.875 million in Q1 2021.

Al Shams Housing is primarily focused on the purchase and lease operations of lands for the purpose of developing, managing, selling, and leasing out property and buildings, as well as offering contracting, construction, maintenance, and management services to residential, touristic, and administrative structures.