ArabFinance: Arab Real Estate Investment Company (ALICO) (RREI) posted a 51.29% year-on-year (YoY) decline in net profit after tax during the first nine months of 2022, according to financial statements filed to the Egyptian Exchange (EGX) on Wednesday.
The company’s net profit dropped to EGP 5.348 million in January-September from EGP 10.98 million a year earlier.
Revenue surged to EGP 41.041 million in nine months to September 30th from EGP 25.532 million the year before.
Founded in 1991, ALICO offers real estate brokerage services; engineering, procurement, and construction for residential and heavy projects.