Cairo – Mubasher: United Company for Housing and Development reported a 32% year-on-year profit growth during the first nine months of 2019, according to the company’s consolidated financial statements.

Net profits surged to EGP 127.39 million in the January-September period, compared to EGP 96.57 million in the year-ago period, including minority shareholders’ rights, the company said in a filing to the Egyptian Exchange (EGX) on Monday.

Meanwhile, the company’s sales retreated to EGP 129.2 million in the nine-month period ended 30 September from EGP 145.155 million in the same period a year earlier.

As for the third quarter of 2019, the real estate firm logged a net profit of EGP 41.4 million, up from EGP 29.78 million in Q3-18.

At the level of standalone financials for the January-September period, the EGX-listed company’s net profits rose to EGP 114.87 million, compared to EGP 95.8 million in the corresponding period of 2018.

It is worth mentioning that during the first half of the year, the Egyptian firm reported a net profit of EGP 85.95 million, compared to EGP 66.78 million in H1-18.