Cairo – Mubasher: Arab Developers Holding has hired Solid Capital for Financial Advisory (SCFA) as an independent financial advisor to evaluate one of the holding company’s subsidiaries. 

The step aims to study a potential offering of a stake in the real estate developer's unit in an initial public offering (IPO) on the main market of the Egyptian Exchange (EGX), according to a bourse disclosure on Sunday.

In the first half (H1) of 2022, Arab Developers logged consolidated net profits after tax worth EGP 14.84 million, an annual drop of nearly 21% from EGP 71.79 million.

Sales plummeted by around 65% annually in H1-22 to EGP 467.99 million, compared to EGP 715.16 million.