Cairo – Mubasher: Cairo For Investment and Real Estate Development posted a 40% year-on-year growth in its net profits during the nine-month period ended 31 May.

Net profits hiked to EGP 231.56 million from September 2018 to last May, compared to EGP 165.39 million in the year-ago period, the company said in a statement to the Egyptian Exchange (EGX) on Monday. 

The company’s fiscal year begins in September and ends in August.

Meanwhile, revenues rose to EGP 642.39 million at the end of May from EGP 487.9 million in the corresponding nine-month period a year earlier.

Year-on-year, costs of activities increased to EGP 261.39 million in the September-May period of FY18/19, compared to EGP 209.65 million.

At the level of standalone business, the company logged a net profit of EGP 147.62 million in the nine-month period ended 31 May from EGP 80.59 million in the same period of FY17/18.   

During the September-February period of FY18/19, the EGX-listed firm’s net profit registered EGP 148.43 million from EGP 113.95 million in the same period a year earlier.