Naeem Holding turns profitable in H1, transfers stake in unit

CAIRO – 10 August 2017: Naeem Holding for Investment achieved $465,000 profits in the first half of 2017 against $2.5 million losses in the year-ago period, a Thursday statement said.

The board decided to transfer the 15,190 shares or 49 percent owned by the company in Naeem Shares and Bonds Company to Ittihad Capital Company. Naeem Holding owns 30.20 percent of Ittihad’s shares.

RECAP Financial Investments, the real estate arm of Naeem Holding, made a decision to increase its capital by LE 1.5 billion to LE 2.03 billion from LE 530.9 million, distributed over 300.35 million shares.

RECAP’s consolidated net profits fell to LE 5.2 million in the first six months of 2017, down from LE 6.5 million in the same period in the previous year.

In a statement to the Egyptian Exchange (EGX), the company stated that it incurred standalone net losses of LE 1.16 million in H1 of 2017, against net profits of LE 355,468 in the year-ago period.