Egyptian Real Estate Consortium reported a 63% Year on Year decline in its consolidated net profit for Half one (H1) of 2020, according to a July 22nd disclosure filed to the Egyptian Exchange.
Consolidated net profit reached EGP 9,064,105 in H1 2020, compared to EGP 24,635,090 achieved in H1 2019.
In the same period of 2020, standalone net profit stood at EGP 9,064,105, a 63% decrease from EGP 24,635,090 posted in prior-year period.
On June 4th, the company's ordinary general assembly approved annual dividend distribution of EGP 0.50 per share for 2019.
Egyptian Real Estate is an Egypt-based real estate developer and general building contractor, with its major shareholders including the National Bank of Egypt and Suez Canal Bank. The company is also involved in the construction of hotels and tourist villages, and housing projects, in addition to urban planning and financial leasing.
