Egypt’s El Shams Housing Achieved EGP 8 Mln Profits

The profits of El Shams Housing and Urbanization company has boosted with EGP 6.6 million in the second mid of this year.

Eng. Mahmoud Maghawry, the Chairman of the Company, said the profits of first quarter of this year is EGP 6.6 million in compared to the first quarter of 2012 which was EGP 2 million due to the political and security unrest which affects negatively on the companies’ works.

Maghawry has pointed out that these profits are ongoing especially with the refusal of his company to engage any new projects until the end of existing projects.

Maghawry has expected that the profits will be boosted by the end of this year so as to reach EGP 8 million as a targeted profits, noting that El Saeed Contracting Co SAE (UEGC.CA) seeks to finalize the implementing of the third phase of the company project in 6th October with investments up EGP 220 million.

Maghawry has further revealed that the company has offered 8 plots of lands for sale, which is scheduled to be integrated with the third phase of Mearaj area, Maadi Project.

He has emphasized that his company is offering tourism project in the North Coast by the end of this year, as negotiations are currently with Tourism Development Authority to allocate 125 feddan in North coast.