Cairo – Mubasher: Arab Developers Holding suffered consolidated net losses valued at EGP 11.41 million in the first half (H1) of 2024, compared to profits worth EGP 53.38 million as of 30 June 2023.
The sales plummeted by 82% year-on-year (YoY) to EGP 2.01 billion in H1-24 from EGP 2.46 billion, according to the financial statements.
Loss per share hit EGP 0.001 as of 30 June 2024, versus earnings per share (EPS) of EGP 0.007 in H1-23.
Standalone Results
In the first six months (6M) of 2024, the EGX-listed firm registered net profits amounting to EGP 95.13 million, an annual jump from EGP 69.22 million.
Meanwhile, the EPS climbed to EGP 0.011 in January-June 2024 from EGP 0.008 in H1-23.
Financials for Q2-24
In the second quarter (Q2) of 2024, the consolidated net profits of Arab Developers fell to EGP 25.25 million from EGP 38.47 million in Q2-23, while the sales shrank to EGP 677 million from EGP 1.16 billion.
Non-consolidated net losses widened to EGP 19.09 million in April-June 2024 from EGP 4.54 million a year earlier, while the loss per share increased to EGP 0.002 from EGP 0.001.
Capital Raise
The board members of Arab Developers agreed to raise the issued capital to EGP 1.39 billion from EGP 772.38 million. The increase amount will be distributed over 6.17 million shares at a nominal value of EGP 0.10 per share.
As of 31 March 2024, Arab Developers shifted to a net loss of EGP 36.66 million, against net profits valued at EGP 15.18 million in Q1-23.
