Egypt state-owned Al Shams Housing posts $1.60 million profits in Q2-16

Egypt’ public company, listed on Egyptian Exchange (EGX), Al Shams Housing and Urbanization (ELSH) boosted higher profits by 15.0 percent during the second quarter of 2016.

The company generated 14.20 million Egyptian Pounds ($1.60 million) year-on-year up from 12.34 million pounds ($ 1.39 million), the unaudited financial results revealed.

In addition, the company registered 23.93 million pounds ($2.69 million) profits during the first half of 2016, compared with 22.20 million pounds ($2.49 million) a year earlier.

Moreover, the sales increased to 58.43 million pounds in the first half of, compared with 49.13 million pounds of 2015.