Egyptians for Housing posts 83% profit decline

Standalone net profit reached a 545% rise

ArabFinance: Egyptians for Housing and Development Company reported an 83% Year on Year decline in its consolidated net profit in the first half (H1) of 2020, according to the company’s August 12th financial statements filed to the Egyptian Exchange.

Consolidated net profit stood at EGP 2,193,704 in H1 of 2020, compared to EGP 13,072,850 achieved in H1 of 2019.

Standalone net profit reached EGP 60,376,566 in H1 of 2020, a 545% rise EGP 9,347,359 posted in H1 of 2019.

The company's extraordinary general meeting announced on April 22nd an EGP 13 million increase in its issued capital.

During the EGM, the shareholders said the newly issued capital will stand at EGP 240 million and will be distributed on 120 million shares at a par value of EGP 2 each.

Egyptians for Housing is engaged in the real estate development and investment sector. The company focuses on buying, purchasing, dividing, and selling lands, and establishing buildings and facilities. This is in addition to setting up urban expansion projects, residential and commercial complexes, and new township projects.

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