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El Obour Real Estate’s profit down 77% in H1-19

El Obour Real Estate’s profit down 77% in H1-19
Revenues slid by 2.64% to EGP 31.92 million in H1-19

Cairo- Mubasher: The unaudited financial statements of El Obour Real Estate Investment Company showed that its profits plunged by 76.77% year-on-year during the first half of 2019.  

The profits of the period shrank to around EGP 532,420 in H1-19 from EGP 2.29 million in H1-18, the company disclosed to the Egyptian Exchange (EGX) on Sunday.

Year-on-year, revenues slid by 2.64% to EGP 31.92 million in H1-19 from EGP 32.79 million.

It is worth mentioning that in the first quarter of 2019, El Obour Real Estate’s net profits tumbled to around EGP 280,300 from EGP 1.96 million in Q1-19.

The company attributed the decline in profits in Q1-19 to higher costs compared to sales.