{"id":574593,"date":"2020-09-15T04:27:42","date_gmt":"2020-09-15T04:27:42","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/15\/profits-at-top-5-real-estate-firms-fall-31-in-2q2020\/"},"modified":"2020-09-15T04:27:42","modified_gmt":"2020-09-15T04:27:42","slug":"profits-at-top-5-real-estate-firms-fall-31-in-2q2020","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/15\/profits-at-top-5-real-estate-firms-fall-31-in-2q2020\/","title":{"rendered":"Profits at top 5 real estate firms fall 31% in 2Q2020"},"content":{"rendered":"

<\/a> Egypt\u2019s <\/strong>five<\/strong> largest listed real estate companies reported a combined drop in profits <\/strong>of around 31% in 2Q2020 <\/strong>as a result of the economic slowdown caused by the covid-19 pandemic, Reuters<\/a> reports. Short of seeing a second wave of the pandemic, a rebound is likely by the end of the year or next year, the newswire adds, citing unnamed industry analysts.<\/p>\n

What\u2019s the damage? <\/strong>The combined profit of Talaat Moustafa Group (TMG), Palm Hills Developments (PHD), Sodic, Emaar Misr for Development, and Madinet Nasr for Housing and Development (MNHD) fell by 31% to EGP 1 bn in 2Q2020, compared to the EGP 1.47 bn they netted in the same period last year. Sodic, the country\u2019s third-largest listed developer, was the worst hit, reporting a 77% y-o-y drop to EGP 40 mn in 2Q, on the heels of a nearly 83% drop in 1Q, the newswire notes.<\/p>\n

Guess what\u2019s to blame:<\/strong> \u201cThe coronavirus has led to a slowdown in initial sales and delayed deliveries, which affected real estate developers further\u201d said Nemat Choucri, head of equity research and the real estate sector team at HC Brokerage. Tarek Shoukry, head of the Real Estate Development Chamber at the Federation of Egyptian Industries, said that the pandemic caused a \u201cfear of buying\u201d among customers.<\/p>\n

Emaar alone in the black:<\/strong> Only Emaar Misr reported profit growth for the quarter, gaining nearly 13% y-o-y to reach EGP 365.7 mn.<\/p>\n

But the slump may not last: <\/strong>Sodic, which attributed its decline in profits during the second quarter to covid-19 lockdown measures, also reported an uptick in sales cancellations in the second quarter \u2014 but said sales were coming back after lockdown measures were eased, with gross sales for the year returning to 2019 levels after a rebound in July<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s five largest listed real estate companies reported a combined drop in profits of around 31% in 2Q2020 as a result of the economic slowdown caused by the covid-19 pandemic, Reuters reports. Short of seeing a second wave of the pandemic, a rebound is likely by the end of the year or next year, the […]<\/p>\n","protected":false},"author":1,"featured_media":574594,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,4348,353,354,83,5877,312,2380,1517],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-574593","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-hc-brokerage","tag-madinet-masr-for-housing-and-development","tag-palm-hills-developments","tag-real-estate","tag-sixth-of-october-development-and-investment","tag-sodic","tag-speed-round","tag-talaat-moustafa-group","wpautop","entry"],"acf":{"mongo_id":"adf770c2-2bce-4f22-8c82-dcf295b06647","is_powered_by":true,"section_story_id":"716f7c70-98f4-45b4-b8f5-fa241bf5531f","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/9\/173.jpg","photo_position":"above","related_issue":[574579],"teaser":"","voice_url":""},"yoast_head":"\nProfits at top 5 real estate firms fall 31% in 2Q2020 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/15\/profits-at-top-5-real-estate-firms-fall-31-in-2q2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Profits at top 5 real estate firms fall 31% in 2Q2020\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s five largest listed real estate companies reported a combined drop in profits of around 31% in 2Q2020 as a result of the economic slowdown caused by the covid-19 pandemic, Reuters reports. 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Revenues fell 42% during the quarter to EGP 873 mn from EGP 1.5 bn\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":614769,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/07\/top-real-estate-developers-doubled-their-sales-in-2023-says-the-board-consulting\/","url_meta":{"origin":574593,"position":1},"title":"Top real estate developers doubled their sales in 2023, says The Board Consulting","author":"enterpriseam admin","date":"7 February 2024","format":false,"excerpt":"The real estate sector saw strong demand as buyers looked to hedge against FX volatility","rel":"","context":"In "Real estate"","block_context":{"text":"Real estate","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/real-estate\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/539.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574188,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/01\/banque-misr-nbe-sign-egp-4-bn-agreement-with-talaat-moustafa-subsidiary-to-develop-residential-projects\/","url_meta":{"origin":574593,"position":2},"title":"Banque Misr, NBE sign EGP 4 bn agreement with Talaat Moustafa subsidiary to develop residential projects","author":"enterpriseam admin","date":"1 September 2020","format":false,"excerpt":"Banque Misr and the National Bank of Egypt (NBE) have signed a EGP 4 bn financing agreement with Talaat Moustafa Group subsidiary the Arab Company for Projects and Urban Development to construct two mixed-use projects in Madinaty and Rehab City on a combined 341k sqm of land, according to an\u2026","rel":"","context":"In "Real Estate + Housing"","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":604959,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/18\/egypts-real-estate-looking-up-with-44-annual-jump-in-pre-sales\/","url_meta":{"origin":574593,"position":3},"title":"Egypt\u2019s real estate looking up with 44% annual jump in pre-sales","author":"enterpriseam admin","date":"18 December 2018","format":false,"excerpt":"Real estate slowdown? What real estate slowdown? For some months now, conventional wisdom has held that the top end of the real estate market has looked choppy as analysts have pointed to easier sales terms including low (or no) down payments and longer payment terms. But sales at eight listed\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":554021,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/16\/kudos-celebrating-festivus-with-the-best-of-us\/","url_meta":{"origin":574593,"position":4},"title":"Kudos: Celebrating Festivus with the best of us","author":"enterpriseam admin","date":"16 December 2021","format":false,"excerpt":"Celebrating Festivus with the best of us: With 2021 coming to a close and as we reflect on the goings of the past two years, we wouldn\u2019t have been able to get through the tough times without the hard work of our team members and staff. And so, in this\u2026","rel":"","context":"In "Kudos"","block_context":{"text":"Kudos","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/kudos\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":635374,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/03\/talaat-moustafa-expects-sales-in-2017-to-reach-egp-13-bn\/","url_meta":{"origin":574593,"position":5},"title":"Talaat Moustafa expects sales in 2017 to reach EGP 13 bn","author":"enterpriseam admin","date":"3 December 2017","format":false,"excerpt":"Talaat Moustafa Group expects sales in FY2017 to reach EGP 13 bn, the company said in a bourse filing on Thursday. The company also expects to reach new record sales in 2018.","rel":"","context":"In "Real Estate + Housing"","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/574593","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=574593"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/574593\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/574579"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/574594"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=574593"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=574593"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=574593"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=574593"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=574593"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}