Arab Development reports 44% profit rise

Reported a 44% Year on Year rise in its net profit for the first nine months of 2020

ArabFinance: Arab Development and Real Estate Investment (ADRI) reported a 44% Year on Year rise in its net profit for the first nine months of 2020, according to the company’s October 28th financial statements filed to the Egyptian Exchange.

Net profit after tax stood at EGP 1,870,590 in January-September period of 2020, compared to EGP 1,295,358 achieved in the prior-year period.

The company earned net profit after tax of EGP 1,993,735 in 2019, a 44% rise from EGP 1,379,007 in 2018.

Launched in 2011 and listed on EGX in 2014, the company's operations are focused on real estate development. It has one subsidiary operating across Egypt, working on real estate investment trusts.

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