Egypt Housing: 3 billion LE Target revenues 2019-2020

Economy and stock exchange

The General Assembly of Heliopolis Housing and Construction Company was held in the presence of Central Agency for Accountancy [CAA] agents and Eng. Hany El Deeb, President of Heliopolis, to approve the company's budget for the financial year 2019-2020.

Hany El-Deeb, Chairman of the Board of Directors of the company, said that it aims to increase revenues to about LE 3.082 billion compared to actual revenues of 955 million pounds for the fiscal year 2017/2018, an increase of 2.127 billion pounds, %.

Al-Deeb added that this is due to the company's targeting of land sales by LE 2.183 billion during the year. The budget is LE 1.995 billion, the value of land sales during the budget year, LE 188 million, the minimum guaranteed income from the partnership project with a company and LE 785 million, 583 housing units.

Hany Al-Deeb said that this achieved a net profit of about 1.128 billion pounds compared to 284 million pounds for the fiscal year 2018/2019, an increase of 844 million pounds.

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