Egypt’s 5 largest real estate firms report combined drop in profits

Egypt’s five largest listed real estate companies reported a combined drop in profits of around 31 percent during 2Q2020 on the back of the economic slowdown caused by the covid-19 pandemic, Reuters reports.

Short of seeing a second wave of the pandemic, a rebound is likely by the end of the year or next year.

The combined profit of Talaat Moustafa Group (TMG), Palm Hills Developments (PHD), Sodic, Emaar Misr for Development, and Madinet Nasr for Housing and Development (MNHD) slumped by 31 percent to 1 Egyptian pounds in 2Q2020, compared to the  1.47 billion pounds achieved  in the same period a year earlier.

Sodic, the country’s third-largest listed developer, was the worst hit, reporting a 77 percent y-o-y drop to  40 million pounds in 2Q, on the heels of a nearly 83 percent drop in 1Q, Reuters added.