Real Estate Egyptian Consortium’s profits plunge 85.1% YoY in 9 months

Updated 11/16/2022 1:47:00 PM

Arab FinanceReal Estate Egyptian Consortium (AREH) posted an 85.13% year-on-year (YoY) decline in net profit after tax during the first nine months of 2022, according to the financial statement filed to the Egyptian Exchange (EGX) on November 16th.

The company’s net profit after tax declined to EGP 14.854 million in January-September from EGP 99.882 million in the same period a year earlier.

Operating revenue grew to EGP 28.883 million in the nine months to September 30th from EGP 15.435 million in the year-ago period.

Real Estate Egyptian Consortium is an Egypt-based public shareholding company engaged in real estate investment.

The company focuses on real estate development and general building contracts, such as the construction of hotels and tourist villages, and housing complexes, among others.