Cairo – Mubasher: Madinet Nasr Housing and Development targets sales up to around EGP 1.2 billion in 2016, Ahmed El Hitamy, Managing director told Mubasher.
The real estate developer saw EGP 715 million worth of sales in 2015, compared with EGP 722 million in 2014.
“The company plans to pump investments exceed EGP 1 billion through 2016, in order to develop its current projects,” said El Hitamy.
Elaborated, the company’s executive pointed out that there are also plans to raise the value of the loan related to the projects of each Sarai 's Capital Garden and Taj City, from EGP 900 million to EGP 1.5 billion.
“Negotiations with number of banking consortium are on track, in order to secure the first tranche of the new credit facility by the fourth quarter of 2016,” said El Hitamy.
The cost of financial leverage is currently much lower than that of other financing schemes like capital increase, added El Hitamy
The company prepares to launch the first phase of Sarai project by the fourth quarter of 2016, said El Hitamy.
The real estate developer saw net profits of EGP 78.6 million in Q2-2016, up from EGP 68.9 million for the comparable period of the previous year.
