Egypt's Heliopolis Housing sees 9-fold profit increase in 9 months

The increase in revenues was ascribed to higher land sales in New Heliopolis City and Sheraton Heliopolis.

  

Cairo –  The unaudited financial results of Heliopolis Company for Housing and Development reported an 858.7% year-on-year profit surge during the first nine months of fiscal year 2019/2020.

The real estate firm achieved net profits of EGP 379.59 million from July 2019 until the end of last March, compared to EGP 39.59 million in the corresponding period a year earlier, according to a bourse disclosure on Wednesday.

In addition, the company’s revenues hiked to EGP 1.13 billion in the said period from EGP 468.59 million during the same period in FY18/29.

The increase in revenues was ascribed to higher land sales in New Heliopolis City and Sheraton Heliopolis.

The company pointed out that the impact of the coronavirus (COVID-19) outbreak on its operations cannot be determined in the current period.

It is noteworthy to mention that during the first half of FY19/20, Heliopolis Housing’s net profits jumped to EGP 351.34 million from EGP 48.6 million in the prior-year period.

Source: Mubasher

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