Egyptian real estate firms’ profit hit by coronavirus crisis

SectorReal Estate

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. But the sector could recover by the end of 2020 or during next year if Egypt can avoid a second wave of COVID-19 infections, three sector analysts told Reuters. “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, said. Talaat Mostafa, Palm Hills Developments, Sixth Of October Development and Investment (SODIC), Emaar Misr for Development and Madinet Nasr for Housing and Development fell to a combined profit of 1.018 billion Egyptian pounds ($65 million) in more...