Real Estate Egyptian Consortium has reported a 188.84% year-on-year hike in net profits for the first quarter of 2019.
The property developer has logged an EGP 6.73 million in profits during the three-month period, versus EGP 2.33 million in Q1-18, according to a statement to the Egyptian Exchange (EGX) on Wednesday.
Sales surged to EGP 22.3 million in Q1-19, compared to EGP 985,500 in the same quarter a year earlier.
The company attributed the increase in Q1-19 profits to the marketing for the units of El-Batal Ahmed Abd El-Aziz Tower. The construction of the tower has been completed at the end of March.
It is worth noting that Real Estate Egyptian Consortium had achieved a net profit of EGP 11.02 million in 2018, versus EGP 20.4 million in 2017.