Cairo – Mubasher: Arab Developers Holding turned to consolidated profitability during the financial year 2023, recording a net profit of EGP 100 million, versus a net loss of EGP 18 million a year earlier.
Consolidated sales soared 203% year-on-year (YoY) to EGP 5.27 billion last year from EGP 2.59 billion in 2022, according to a press release.
The company reported earnings per share (EPS) of EGP 0.08 in the 12-month period that ended on 31 December 2023, compared to a loss per share of EGP 0.01 the year before.
Fourth Quarter
During the fourth quarter (Q4) of 2023, Arab Developers registered EGP 10 million in consolidated net profit, versus a net loss of EGP 37 million in the comparative quarter of 2022.
Sales jumped 121% YoY to EGP 1.45 billion in Q4-2023 from EGP 1.19 billion in Q4-2022.
Standalone Results
The company’s standalone net profit declined to EGP 87.32 million last year from EGP 92.87 million a year earlier.
Operating profit reached EGP 38.47 million in 2023, versus an operating loss of EGP 10.97 million in 2022.
It is worth noting that Arab Developers registered an annual hike in consolidated net profit to EGP 89.53 million during the first nine months (9M) of 2023 from EGP 18.51 million in the corresponding period a year earlier.
