Egypt’s Heliopolis Company eyes sales of $93mn

Egypt’s state-run Heliopolis Company for Housing and Development (HELI) is set to achieve 842 million Egyptian pounds ($93 million) sales during the upcoming period through offering new projects.

The company is planning to sell lands in New Heliopolis City with total value of 100 million Egyptian pounds.

HELI is currently is designing its new project Heliopark which first phase would start by the beginning of the upcoming fiscal year 2016/2017.

On the other hand, the company’s board has endorsed FY 2016/2017 budget that would amount to 550 million Egyptian pounds.

However, HELI’s profits have declined by 65.4 percent during the 3Q of 2016 compared to that the same period in 2015.

It has achieved profits of 22.6 million pounds during the 3Q of the current year opposed to 64.39 million pounds in 2015.

Moreover, the company has reported profits of 280.46 million pounds during the nine months ended last month versus 153.69 million pounds 2015 with an increase of 82.5 percent.

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