Consolidated net profit after tax stood at EGP 598,672,363 in the January-September period of 2020, compared to EGP 527,352,377 achieved in the prior-year period.
Standalone net profit reached EGP 285,884,776 in the January-September period of 2020, a 25% rise from EGP 228,977,198 posted in the corresponding period a year earlier.
Moreover, the board of directors approved, on November 8th, the establishment of a new company specialized in real estate development. The new entity authorized capital amounts to EGP 2 billion while the issued and paid-in capital amounts EGP 900 million. Nile City will own 60% of the new company with a total investment of EGP 540 million.
Nile City Investment is an Egypt-based public shareholding company engaged in the real estate development and investment sector. It invests in real estate developments, mainly residential, commercial, and administrative unit buildings.
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