Arab Developers turns profitable in Q1-23; revenues skyrocket 137%

Arab Developers Holding shifted to net profits amounting to EGP 15 million in the first quarter (Q1) of 2023, against net losses valued at EGP 9 million in Q1-22.

The sales hiked by 413% year-on-year (YoY) to EGP 1.30 billion in Q1-23 from EGP 316 million, according to the financial results.

Arab Developers generated revenues worth EGP 256 million during the first three months (3M) of 2023, an annual hike of 137% from EGP 187 million.

Earnings per share (EPS) hit EGP 0.01 in the January-March 2023 period, versus a loss per share worth the same value in Q1-22.

As of 31 March 2023, the EGX-listed firm sold a total of 503 units that cover 58,000 square metres. This is compared to 205 units covering around 22,000 square metres in the year-ago period.