Egypt’s five biggest listed real estate firms reported a combined profit fall of nearly 31% in the second quarter of 2020 as property sales slowed during the coronavirus crisis, Reuters reports.
According to Reuters, there remains an opportunity for the sector to recover by the end of 2020, or during next year if Egypt can avoid the second wave of COVID-19 infections.
“The coronavirus has led to a slowdown in initial sales and delayed deliveries, which affected real estate developers further” Nemat Choucri, head of equity research and the real-estate sector team at HC Brokerage, told Reuters.
Talaat Mostafa TMGH, Palm Hills Developments PHD, Sixth of October Development and Investment (SODIC), Emaar Misr for Development, and Madinet Nasr for Housing and Development MNHD fell to a combined profit of EGP 1.018 bn in the second quarter from EGP 1.47 bn a year earlier, company results showed.
Emaar Misr was the only company, whose second-quarter profit increased, gaining nearly 13% to EGP 365.7 mn.
Revenue of the five firms for the period were EGP 4.795 bn, down by 18.5% year-on-year, the data showed.
Egyptian Real Estate Firms’ Profit Hit by Corona
Tuesday, 15 September 2020

Related News
-
Government
A Delegation from Delta University Visits New Mansoura City
Monday, 19 April 2021
Mohamed Ragab, head of the New Damietta Authority and the supervisor of the new city of Mansoura, has stated that a delegation of professors and students of the Faculty of Engineering at the Delta University of Science and Technology has visited the most important projects in the new city of Mansoura, Invest-Gate reports.
-
Events
Invest-Gate Discusses the New Building Requirements in Egypt
Sunday, 18 April 2021
Invest-Gate organizes a round table about the new building requirements in Egypt. It will be held on April 20, from 12:00 to 2:00 pm.
-
Developers
Skyway Development Unveils EGP 700bn Project in NAC
Sunday, 11 April 2021
Skyway, the real estate developer, plans for launching the “Bayadega” project in the new capital, with EGP 700mn anticipated investments, Invest-Gate reports.
-
Developers
Gouna Hosts Fourth International Motocross Championship
Wednesday, 7 April 2021
El Gouna hosts the fourth edition of El Gouna International Motocross Championship on April 2-3 at the Motoclope Egypt, under the auspices of the Ministry of Youth and Sports, Invest-Gate reports.
Latest News
-
Lasirena Group to Deliver 250 Residential Units in North Coast
-
Constec Expands Work in Fouka Bay with EGP 150 mn
-
Helnan Port Fouad Is 75% Underway
-
El Gazzar Inspects Projects in New El Alamein City
Subscribe to Newsletter

Stock | Price | Change % | Volume |
EHDR | 0.69 | 2.14% | 5,537,740 |
RREI | 0.94 | -5.73% | 3,336,368 |
DAPH | 14.60 | 0.95% | 24,430 |
ELKA | 19.00 | -3.11% | 7,950 |
AREH | 15.53 | 7.53% | 7,225,333 |
Last Modified April 7, 2021
Comments
To comment on this please Login now
Be the first to comment on this