Arab Finance: New Ismailia for Urban Development Company (IDRE) shifted to profits during the first nine months of 2022, according to financial statements filed to the Egyptian Exchange (EGX) on November 8th.

The company posted a net profit after tax of EGP 3.586 million in January-September, compared to a net loss of EGP 650,104 in the same period a year earlier.

Operating profits surged to EGP 5.929 million in the nine months ended September 30^th from EGP 346,116 in the year-ago period.

Established in 2010, New Ismailia is an Egypt-based company listed on the EGX since June 2011. It operates within the real estate sector, with a focus on planning and establishing urban areas and developing infrastructure projects.