Al Shams Housing and Urbanization (ELSH) recorded a 5.9% year-on-year (YoY) decrease in net profits after tax during the first quarter (Q1) of 2024, a filing showed on May 28th.

The firm earned net profits of EGP 45.637 million in Q1 2024, compared to EGP 48.502 million in Q1 2023.

Meanwhile, revenues declined to EGP 31.018 million from EGP 110.286 million.

Al Shams Housing is primarily focused on the purchase and lease operations of lands for the purpose of developing, managing, selling, and leasing out property and buildings, as well as offering contracting, construction, maintenance, and management services to residential, touristic, and administrative structures.

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