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Arab Finance: Misr Al Gadida Company has completed the contracting procedures with Al-Safi and Jebal companies for the development of Mansoura land, the company’s CEO, Sameh El-Sayed, announced in a bourse filing.
The land is located in the East District of Mansoura City, with an area of approximately 52,000 square meters for a mixed-use development project.
Total revenues of the partnership are estimated at about EGP 10 billion, with Misr Al Gadida's share amounting to 31% of the total revenues, equivalent to EGP 3.157 billion.
The current value of the minimum content stands at EGP 2.210 billion, which will be paid over six years.
Misr Al Gadida receives 5% of the value of the finishing works, in addition to an advance payment of EGP 65 million to be paid in two installments.
This aligns with the EGX-listed firm’s keenness to select the best strategic partners capable of maximizing the return on the company's assets.
The project also comes within the company's future plan to enhance its investment presence outside Cairo's borders and support its expansion strategy.
At the end of September, the group’s net profit after tax dropped by 39.51% to EGP 1.065 billion from EGP 1.745 million in the year-ago period.
