Arab Developers Holding (listed under the ARAB code on the Egyptian Stock Exchange) has continued its positive financial performance in the third quarter of 2024, driven by flexible management strategies, a focus on delivering products that meet diverse customer needs, and a growing operational capacity. The company has successfully overcome various industry challenges, resulting in a significant increase in sales, a notable surge in net profits, and an accelerated pace of unit deliveries to customers.
During the third quarter, Arab Developers Holding sold 323 units covering a total area of approximately 52.8 thousand square meters, amounting to EGP 1.77 billion, compared to 532 units covering a total area of about 54.7 thousand square meters with sales of EGP 1.355 billion in the same period last year. Additionally, the company delivered 42 units covering an area of approximately 41.9 thousand square meters, generating EGP 1.069 billion, compared to 72 units covering 7.7 thousand square meters and generating EGP 185 million in the previous year.
The company’s operational results reflected revenues reaching EGP 1.069 billion in the third quarter of 2024, up from EGP 185 million in the same quarter of 2023, marking a 577% growth. The gross profit reached EGP 408 million, compared to EGP 105 million in the previous year, representing a 388% increase. Net profit after tax stood at EGP 237 million, compared to EGP 36 million, reflecting a growth rate of 654%.
Over the nine months ending on September 30, 2024, Arab Developers Holding achieved sales of EGP 3.788 billion, with gross profit reaching EGP 542 million, up from EGP 309 million in the corresponding period of the previous year, representing 176% growth. Net profit after tax was EGP 225 million, compared to EGP 90 million, marking a 251% increase, demonstrating the success of the company’s strategic vision.
Commenting on the results, Dr. Ayman bin Khalifa, CEO, and Managing Director of Arab Developers Holding, stated: “Arab Developers Holding’s management successfully achieved its targets over the past nine months of 2024 by increasing growth rates in sales through a mix of diverse units, enhancing product offerings, and offering competitive and varied payment systems. We have also improved operating revenues and profits performance indicators, which will yield higher returns for shareholders.”
He added that the company intends to boost sales levels further while offering a flexible package of varied payment options and addressing the challenges posed by fluctuating input costs, which will help sustain the company’s growth rates and achieve better results by year-end. At the same time, the company is exploring new investment opportunities, aiming to select the most viable ones to start working on from next year.
Arab Developers Holding’s issued and paid-up capital is approximately EGP 772.4 million, distributed over 7.7 billion shares with a nominal value of EGP 0.1 per share. As of September 30, 2024, the company’s total equity amounted to approximately EGP 1.8 billion, with a book value per share of EGP 0.23.
