Egyptians for Housing aims to increase profits to $38 million in two years

Egyptians for Housing and Development Company is seeking to increase its profits to 300 million Egyptian pounds (US$38 million) in two years; 2017 and 2018, its vice chairman and managing director Hashem El Sayed said Sunday.

Elsayed added that the targeted profit would be achieved through finalising a number of the company’s projects, prominently Maadi Tower in addition a planned real estate fund.

Meanwhile, Egyptians for Housing and Development’ net profits surged to 7.38 million pounds for the first nine months of 2015, compared with 1.84 million pounds for the corresponding period of 2014.

The company has recently inaugurated Emerald Empire mall in New Cairo with total investments of 1.5 billion pounds in cooperation with Amwaj for Real Estate & Touristic Inv., said Elsayed.

Moreover, Egyptians for Housing operates within the Real Estate sector focusing on Diversified Real Estate Activities. It has 3 subsidiaries operating across Egypt, working on Diversified Real Estate Activities and Asset Management and Custody Banks. Egyptians for Housing is based in Giza, Egypt and was established in January 1986.