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Real Estate Egyptian Consortium’s H1 standalone profit hikes 359%

Real Estate Egyptian Consortium’s H1 standalone profit hikes 359%
Net profits skyrocketed to EGP 24.63 million

Cairo – Mubasher: Real Estate Egyptian Consortium reported a 358.6% year-on-year profit rise during the first half of 2019 on the back of higher revenues, the company’s standalone financial statements showed.  

Net profits skyrocketed to EGP 24.63 million during the six-month period ended 30 June from EGP 5.37 million in the same period a year earlier, the property developer said in a statement to the Egyptian Exchange (EGX) on Sunday.

Year-on-year, revenues surged to EGP 69.78 million from January to June, compared to EGP 6.9 million.

During the first quarter of 2019, the real estate company’s profits rose to EGP 6.73 million from EGP 2.33 million in Q1-18.

Sales surged to EGP 22.3 million in the three-month period ended 31 March, compared to about EGP 985,500 in the same period a year earlier.