Cairo - Mubasher: The financial statements of United Company for Housing and Development showed a 100% jump in profits in 2016.
According to the company’s statement to the Egyptian Exchange (EGX) on Wednesday, annual profits totalled EGP 72.3 million last year compared to EGP 36.15 million in 2015.
The company also indicated that its financial results were not affected by the Egyptian pound's flotation and liberalisation of the exchange rate, since none of its operations are conducted in foreign currency.
In 2016, the company’s total sales amounted to EGP 93.152 million up from EGP 82.297 million in the year before, while sales costs significantly declined from EGP 33.5 million to EGP 4.522 million.
