Cairo – Mubasher: Misr Oils and Soap cancelled the sale of an 806 sqm land plot in Gharbia governorate’s Zafta area to Waleed El-Sayed Mohamed, the company said in a bourse filing on Monday.
This decision was driven by the buyer’s non-compliance with the re-payment programme according to the specifications, the filing revealed.
Earlier, the company announced planning the sale of three land plots at EGP 38.65 million.
The company turned to profitability in the five-month period ended 30 November 2016, reporting net profits before tax of EGP 4.95 million, against losses of EGP 4.16 million for the similar period of the previous year.
Revenues reached EGP 297 million for this five-month period, up by 59.3% from EGP 186.3 million a year earlier.
