AREH for Real Estate records Profit Growth in Q3 2016

Sunday, 13th November 2016
by Karim Mohy

A general view of residential buildings under construction in El Katameya district of New Cairo March 30, 2013. Two years of upheaval have devastated much of Egypt’s economy. The Egyptian pound has lost about 14 percent of its value. But for the real estate industry, especially the upmarket part of it which caters to people with large amounts of savings, the weak pound is actually fairly good news. In addition to Egyptians, the weaker currency makes Egypt more attractive for investors from other Arab countries trying to escape instability at home, especially Libya, Syria and Sudan. Picture taken March 30, 2013. To match Mideast Money EGYPT-HOUSING/ REUTERS/Amr Abdallah Dalsh (EGYPT – Tags: POLITICS BUSINESS REAL ESTATE CONSTRUCTION) – RTXY6TZ

Real Estate Egyptian Consortium (AREH) has recorded 10% growth in the third quarter of 2016, according to its financial statements, as reported by Mubasher.

The company stated that it recorded a total of EGP 3.47 mn in net profit in the third quarter of 2016, compared to EGP 3.16 mn in the same period last year.

AREH recorded a net profit of EGP 35.83 during the first nine months of 2016, marking a 243.97% growth compared to the same period of last year.

The company recorded profit of EGP 32.4 mn in the first half of 2016, up 343.8% from the profits recorded in the same period last year.