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United Housing’s profit falls 18% in H1-20

United Housing’s profit falls 18% in H1-20
Sales increased to EGP 120.78 million in the six-month period
United Co for Housing
UNIT
-0.52% 3.86 -0.02

Cairo – Mubasher: United Company for Housing and Development logged EGP 70.23 million in consolidated net profits during the first half (H1) of 2020, down by 18% year-on-year (YoY) from EGP 85.95 million, including minority shareholders’ rights.

Meanwhile, the company’s sales increased to EGP 120.78 million in the six-month period ended on 30 June from EGP 102.06 million in the year-ago period, according to a bourse disclosure on Wednesday.

The cost of sales grew to EGP 40.34 million in the January-June period, compared to EGP 23.01 million in the corresponding period a year earlier.

As for standalone business, the company’s net profits fell to EGP 60.7 million in H1-20 from EGP 84.64 million in H1-19.

During the first three months of 2020, the company posted net profits of EGP 21.54 million, a drop of 62% from EGP 57.75 million in the same period in 2019.