ArabFinance:Nile City Investment
(NCIN) reported a 13.5% Year on Year increase in its consolidated net profit for 2019, according to the company’s November 9th financial statements filed to the Egyptian Exchange.
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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