Islamic Gharbia sees 68% YoY profit knockdown in Q1 2024

Net profits totaled EGP 190,731 in Q1 2024, down from EGP 595,439 in Q1 2023

Staff Writer, Arab Finance

May 29, 2024

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Islamic Gharbia Company for Developed Buildings’ (GIHD) net profits after tax fell 68% year on year (YoY) in the first quarter (Q1) of 2024, the firm stated on May 29th.

Net profits totaled EGP 190,731 in Q1 2024, down from EGP 595,439 in Q1 2023.

The company did not achieve any sales in the three months to March 31st.

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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