ArabFinance: Cairo Housing and Development Company (ELKA) reported an 11% Year on Year decline in its consolidated net profit in the first half (H1) of 2020, according to the company’s September 3rd financial statements filed to the Egyptian Exchange.

Consolidated net profit before minority interest stood at EGP 51,785,068 in H1 2020, compared to EGP 58,291,882 achieved in H1 2019.

Standalone net loss reached EGP 64,077,288 in H1 2020, against a net profit of EGP 2,410,131 posted in H1 2019.

The company earlier announced that Egycap Investments Ltd British Virgin Island sold 5,809,338 shares in the former's capital at EGP 28.58 per share.

Egycap Investments decreased its stake in El Kahera's capital from 10.338% to 3.88%.

Cairo Housing is an Egypt-based company engaged in real estate and housing development operations. The company’s main activities include acquiring, selling, and leasing lands and buildings as well as city planning and infrastructure construction activities.

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