Cairo - Mubasher: The initial financial indicators of National Real Estate Bank for Development (NRPD) showed a decline in annual profits by 96% last year.

According to the company’s statement to the Egyptian Exchange (EGX) on Wednesday, profits totalled EGP 125,000 in 2016 down from EGP 3.2 million in 2015.

Sales also declined to EGP 58.4 million in 2016 compared to EGP 70.6 million in the year before.

In a separate bourse filing, the company indicated that it was not affected by the Egyptian pound's flotation, as it does not have any balances in foreign currencies.