Cairo – Mubasher: Al Shams Housing and Urbanization on Monday revealed that it targets a 256.7% year-on-year increase in profits as part of its estimated budget of 2018.
The Egypt-based firm is seeking to generate profits worth about EGP 215.26 million in 2018, versus targeted profits of EGP 60.33 million a year earlier, Al Shams Housing said in filing to the Egyptian Exchange (EGX).
The company is targeting EGP 235.15 million in investments this year, including a project worth EGP 110 million in 6th October city, in addition to projects in the New Administrative Capital with EGP 125.124 million in investments.
The estimated budget has shown an EGP 149.05 million surplus, while the instalment of the company's land plot in the administrative capital stood at about EGP 110.124 million, in addition to EGP 15 million in feasibility studies.
On Sunday, Al Shams Housing has denied signing any contracts with the New Administrative Capital for Urban Development regarding its project in the new capital.
