Islamic Gharbia posts 480.6% YoY higher profits in Q1: Egypt

Reuters Images/Mohamed Abd El Ghany

The company focuses on the purchase and reclamation of land for the purpose of construction and development activities

Staff Writer, Arab Finance

May 29, 2023

PHOTO

Islamic Gharbia Company for Developed Buildings (GIHD) reported a 480.6% year-on-year (YoY) rise in net profits after tax during the first quarter (Q1) of 2023, recording EGP 595,439, compared to EGP 102,555, according to the financial income statement filed to the Egyptian Exchange (EGX) on May 28th.

Sales hit EGP 1.309 million during the January-March period of this year.

Islamic Gharbia is an Egypt-based public shareholding company engaged in the real estate development sector.

The company focuses on the purchase and reclamation of land for the purpose of construction and development activities, general and special contracting, trade in raw materials and construction supplies, and import and export of construction-related materials.

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