Cairo – Mubasher: Heliopolis Company for Housing and Development on Thursday announced it will sell land plots ranging from 30 to 100 acres in New Heliopolis City that will be used for residential, commercial, and service purposes.
The company will use the sale proceeds to raise the company’s capital, allocate a sum of money to implement its investment plan, and reimburse its loans, according to a filing to the Egyptian Exchange (EGX).
In August, Heliopolis Housing reported a 28.1% year-on-year drop in net profit for fiscal year 2017/2018, with EGP 250.79 million in net profit, versus EGP 348.8 million.
Revenues increased to EGP 936.5 million in the 12-month period, from EGP 928.06 million in FY16/17.
