Arab Finance: Real Estate Egyptian Consortium (AREH) reported a 22.44% year-on-year (YoY) decrease in net profit for the first quarter (Q1) of 2022, according to the financial income statement filed to the Egyptian Exchange (EGX) on June 20th.
The company recorded a net profit of EGP 6.22 million in Q1 2022, compared to EGP 8.02 million in Q1 2021.
Operating revenues amounted to EGP 14.53 million in the three-month period ended March 31st, up from EGP 6.52 million in the same period last year.
Real Estate Egyptian Consortium is an Egypt-based public shareholding company engaged in the real estate investment sector.
The company focuses on real estate development and general building contracts, such as the construction of hotels and touristic villages, housing complexes, among others.