Egypt’s El Shams Housing sees 30% fall in 2019 profits

Egypt’s state-run El Shams for Housing and Development expects a 30 percent drop in its profits to reach 150.36 million Egyptian pounds ($8.5 million) in 2019.

Profits earlier increased to 215.26 million pounds during 2018.

During the January-September 2018 period, profits rose to 170.7 million pounds from 48.4 million pounds during the same period in 2017.

Moreover, the company plans to invest 90 million pounds in a new project in 6th of October City and 182.38 million pounds in another flagship in the country’s New Administrative Capital.