Arab Developers Holding reported positive financial results in Q3 2024, driven by flexible management strategies and a focus on meeting diverse customer needs, Invest-Gate reports.

The company sold 323 units covering approximately 52,800 sqm, generating EGP 1.77 bn, compared to 532 units with 54,700 sqm for EGP 1.355 bn in Q3 2023. It delivered 42 units, totalling 41,900 sqm and EGP 1.069 bn, marking a significant increase from 72 units covering 7,700 sqm and valued at EGP 185 mn last year.

Revenue surged by 577% to EGP 1.069 bn in Q3 2024 from EGP 185 mn in Q3 2023, with gross profit rising by 388% to EGP 408 mn. Net profit after tax reached EGP 237 mn, a 654% growth compared to EGP 36 mn in the same quarter last year.

For the nine months ending September 30, 2024, Arab Developers Holding achieved sales of EGP 3.788 bn, with gross profit climbing 176% to EGP 542 mn. Net profit after tax grew by 251%, reaching EGP 225 mn, reflecting the success of the company’s strategic vision.

Commenting on the results, CEO Ayman Ebn Khalifa stated, “Arab Developers Holding achieved its targets in the first nine months of 2024 by enhancing sales growth, improving product offerings, and offering competitive payment plans, positively impacting operational performance and profits for shareholders.”

Arab Developers Holding’s paid-up capital stands at EGP 772.4 mn, with 7.7 bn shares at a nominal value of EGP 0.1, while total equity reached EGP 1.8 bn as of September 30, 2024.