Property developer Tameer first half profits fall to EGP 416,000

Egyptian property developer Tameer’s first half profits fell to 416,400 Egyptian pounds ($23,396) from 4.4 million pounds last year, announced consolidated financial statements on Sunday.

The state-run company achieved losses worth 8.3 million pounds during the first months ended in March 2018, compared to 4.7 million pounds during the same period in 2016.

Founded in 1954, Tameer was launched to carry out all works related to design, planning, research, and urban flagships, with the aim of developing national project to serve the community.