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Zahraa Maadi's profit rises 17% in 9M initial results

Zahraa Maadi's profit rises 17% in 9M initial results
Lower financing expenses helped increase the company's profits
Zahraa Maadi
ZMID
-2.98% 6.84 -0.21

Cairo – Mubasher: The financial indicators of Zahraa Maadi Investment and Development showed a 17% year-on-year (YoY) increase in its net profits, logging EGP 128.51 million in the first nine months of 2020, compared to EGP 110.28 million.

The profit growth was attributed to higher advance payments and sales installments as well as lower financing expenses, the company said in a bourse disclosure on Tuesday.

During the first half (H1) of 2020, the company logged net profits of EGP 69.45 million, down from EGP 58.7 million in the year-ago period.