Cairo – Mubasher: Egyptians for Housing and Development Co. reported a 90.8% year-on-year profit surge during the first half of 2019, according to the company’s consolidated financial results.

Net profits rose to EGP 21.79 million in the six-month period ended 30 June from EGP 11.42 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Wednesday.

As for the second quarter of 2019, the company’s profits increased to EGP 9.72 million from EGP 4.7 million in the corresponding period a year earlier. 

Year-on-year, revenues stood at EGP 31.6 million in the January-June period of 2019, compared to EGP 31.19 million.  

At the level of standalone business, the company logged a profit of EGP 9.34 million in H1-19 from about EGP 784,630 in the prior-year period.

During the first quarter of 2019, the company’s net profits grew to EGP 12.06 million from EGP 6.72 million in Q1-18.