Heliopolis Company establishes new LE 240m joint firm

CAIRO – 6 June 2016: Heliopolis Company for Housing and Development’s (HHD) board of directors approved the establishment of a joint stock company to develop a 14,500 square meter land plot in Alexandria, the company said Monday.

In a statement to the Egyptian Exchange, HHD said the company will be owned jointly with Nasr General Contracting Company-Hassan Allam, El-Nasr Housing Company and Maadi Company for Development and Reconstruction.

Heliopolis Company’s stake in the new company amounts to 20 percent, from issued capital that is valued at LE 240 million ($13 million).

Around 10 percent of the capital will be paid up front, with the remaining value to be paid later.

In the first nine months of FY2016/17 fiscal year, the profits of Heliopolis Company for Housing and Development were LE 135.8 million, 51.6 percent less than the LE 280.4 million in profits recorded in the corresponding period in the previous fiscal year.

The company still looks forward to registering LE 300 million in profits by the end of the fiscal year, up from LE204.5 million in FY2015/2016.