Cairo – Mubasher: International Company for Investment and Development (ICID) on Sunday said its profits retreated by 90% during the first nine months of 2018 due to lower real estate investments.
ICID logged EGP 207,800 in profits between January and September, registering a plunge from EGP 2.1 million achieved in the year-ago period, the company said in a filing to the Egyptian Exchange (EGX).
Revenues halved to EGP 2.1 million in the nine-month period ended 30 September 2018 from EGP 4.2 million in the prior-year period.
ICID attributed its sharp profit fall to lower returns from real estate investments to EGP 414,000 versus EGP 900,000 in the same period last year, added to some financial divestitures.
