Arab Developers Holding swings to consolidated loss in Q1-24

Reuters

Consolidated revenues declined to EGP 216.45 million in Q1-24 from EGP 255.73 million in Q1-23, according to the interim financial results

Staff Writer, Mubasher

May 30, 2024

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Arab Developers Holding turned to a consolidated net loss of EGP 36.66 million in the first quarter (Q1) of 2024, compared to a net profit of EGP 15.18 million in the same period a year earlier.

Consolidated revenues declined to EGP 216.45 million in Q1-24 from EGP 255.73 million in Q1-23, according to the interim financial results.

The company posted a loss per share of EGP 0.03 in the three-month period that ended on 31 March 2024, against earnings per share (EPS) of EGP 0.01 in the equivalent period of 2023.

Standalone Results

Standalone net profit surged to EGP 114.23 million in the January-March period from EGP 73.76 million in the same period the year before.

In 2023, Arab Developers Holding shifted to a consolidated profit of EGP 100 million, versus a net loss of EGP 18 million a year earlier.

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