Cairo – Mubasher: Heliopolis Company for Housing and Development (HHD) reported a 623% year-on-year profit hike during the first half of fiscal year 2019/2020.
The real estate developer reported net profits of EGP 351.34 million in the six-month period ended 31 December 2019, compared to EGP 48.6 million in the year-ago period, according to a bourse disclosure on Thursday.
Meanwhile, revenues soared to EGP 732.4 million in H1 of FY19/20 from EGP 383.3 million in the corresponding period a year earlier.
The profit growth was ascribed to the sale of a land plot to Zahraa Maadi Investment and Development for EGP 481 million.
The company’s board of directors approved the addition of two new activities, namely real estate development and electricity sale and distribution.
It is noteworthy that during the first quarter of FY19/20, Heliopolis Housing logged net profits of EGP 29.39 million, compared to EGP 8.7 million in the year-ago period.
