Cairo – Mubasher: Real Estate Egyptian Consortium (AREH) on Thursday announced that it has sold two administrative assets in an a tower located in El-Batal Ahmed Abd El Aziz, Mohandeseen to Banque Misr at a combined value of EGP 45 million.
The company’s share from the sale proceeds amounted to EGP 30 million with a net profit of EGP 25 million, according to a filing to the Egyptian Exchange (EGX).
It is worth noting that the real estate firm reported a 71.1% year-on-year decline in profits for the first nine months of 2018, registering EGP 7.4 million.
