Cairo for Housing and Development reports 44% profit decline – ZAWYA

Cairo for Housing and Development reports 44% profit decline – ZAWYA

Cairo for Housing and Development reports 44% profit decline | ZAWYA MENA Edition HomeMarketsEquitiesArticleCairo for Housing and Development reports 44% profit decline The company is also engaged in city planning and infrastructure construction activities    Buildings In City Against Clear Sky Photo Taken In Cairo, EgyptArabFinance: Cairo for Housing and Development (ELKA) reported a 44% Year on Year decline in its net profit in Quarter one (Q1) of 2020, according to the company's June 28th financial statements filed to the Egyptian Exchange.Consolidated net profit stood at EGP 44,566,109 in Q1 2020, compared to EGP 80,980,415 posted in Q1 2019.Nevertheless, Standalone net loss reached EGP 45,010,615 in Q1 2020, 226% increase from EGP 13,791,352 incurred in Q1 2019.The company announced 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 the company's capital from 10.338% to 3.88%.Cairo for 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.Copyright © 2020 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info). Most