Cairo – Mubasher: The consolidated financial statements of United Company for Housing and Development reported net profits of EGP 21.54 million during the first quarter of 2020, down by 62% from EGP 57.75 million in the year-ago period.

The company’s sales retreated to EGP 35.98 million in the January-March period from EGP 58.55 million in the corresponding period a year earlier, according to a bourse disclosure on Wednesday.

As for standalone business, the company achieved net profits of EGP 21.9 million in Q1-20, down from EGP 58 million in Q1-19.

It is noteworthy to mention in 2019, the firm’s net profits grew to EGP 132.15 million from EGP 104.86 million in 2018, including minority shareholders’ rights.