Cairo – Mubasher: Heliopolis Company for Housing and Development reported a 47.8% year-on-year (YoY) drop in its annual net profits, logging EGP 190.94 million in fiscal year (FY) 2020/2021, compared to EGP 365.57 million, the unaudited financial results showed.
The revenues slid to EGP 574.18 million in the year ended 30 June from EGP 1.099 billion a year earlier, the company said in a bourse disclosure on Monday.
The profit decrease was attributed to the repercussions of the pandemic on the economy as well as the sale of several land plots in the corresponding period.
In the first nine months of FY20/21, Heliopolis Company for Housing and Development recorded net profits of EGP 16.25 million, down from EGP 379.59 million in the prior-year period.
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