FILE – Real Estate in Egypt FILE – Real Estate in Egypt

Obour Real Estate Investment’s profits decline 77% in H1 of 2019

Sun, Aug. 18, 2019
CAIRO – 18 August 2019: Unaudited financial indicators of El Obour Real Estate Investment revealed a 76.77 percent decline in the company’s consolidated profits during the first half of 2019, recording LE 532,417 compared to LE 2.29 million during the same half of 2018.

The company’s revenues decreased 2.64 percent to reach LE 31.62 million, compared to LE 32.79 million during the same half of 2018.

During the first quarter of 2019, El Obour Real Estate’s net profits lessened to about LE 280,300 from LE 1.96 million in the same quarter of 2019. The company attributed the decline in profits during the first quarter to higher costs compared to sales.

El Obour Real Estate Investment, listed on Egyptian Exchange since June 1998, operates within the real estate sector, focusing on diversified real estate activities.

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