Arab Developers posts 52.2% YoY drop in Q2 consolidated profit
Updated 8/16/2022 9:48:42 AM
Arab Finance: Arab Developers Holding (ARAB) reported a 52.2% year-on-year (YoY) fall in consolidated net profit attributable to the parent company for the second quarter (Q2) of 2022, according to the consolidated financial statement filed to the Egyptian Exchange (EGX) on august 16th.
The company recorded a consolidated net profit attributable to the parent company of EGP 24.18 million in Q2 2022, compared to EGP 50.61 million in Q2 2021.
In the first half (H1) of 2022, the company’s consolidated net profit excluding minority interest slipped to EGP 15.78 million from EGP 67.32 million in H1 2021.
At the level of the standalone financial statement, Arab Developers incurred a standalone net loss after tax of EGP 439,831 in Q2 2022, dropping from EGP 6.33 million in the same quarter last year.
The property developer’s standalone loss for H1 2022 stood at EGP 2.38 million, down from EGP 12.08 million in the first six months of 2021.
Established in 2015, Arab Developers is a leading real estate developer in Egypt that has a diversified business portfolio
