Heliopolis Housing's shareholders approve FY2020/2021 budget

ArabFinance: Heliopolis Company for Housing and Development's (HELI) ordinary general assembly approved on May 21st the budget for the fiscal year (FY) 2020/2021, targeting a net profit of EGP 562.129 million, according to the company’s June 3^rdstatement filed to the Egyptian Exchange.

On the same day, the extraordinary general assembly ratified amending the company's purpose and amend article no. 3 of its articles of association.

The company’s revised forecasts come amid the coronavirus repercussions on the economy that led Egypt to expects a decline in growth rate from 6% to 2-4% in FY 2020/2021.

Heliopolis, an affiliate of National Company for Construction and Development, is an Egypt-based public shareholding company engaged in construction and housing projects. The company’s operations include land reclamation and subdivision, residential real estate development and management, properties’ purchase and sale, projects’ planning and supervising, as well as the construction of houses, hotels, holiday resorts, and hospitals properties.

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