Cairo – Mubasher: The unaudited financial statements of Arab Co. for Asset Management And Development reported a net profit of EGP 44.403 million in the nine-month period ended 30 September, against a net loss of EGP 1.944 million during the April-September period of 2018.
Meanwhile, the company’s revenues increased to EGP 52.52 million at the end of September from nearly EGP 554,000 from April to September 2018, according to a filing to the Egyptian Exchange (EGX) on Thursday.
The positive turn in the company’s financials was ascribed to the sale of two land plots for EGP 51.359 million and EGP 14 million.
It is noteworthy that the company posted a net profit of EGP 6.11 million from the beginning of its establishment in April 2018 until last March.
