Egypt’s Heliopolis Company reveals $485mln sale deal

Egypt’s Heliopolis Company for Housing and Development revealed the sale of Heliopark land at a value of 15 billion Egyptian pounds ($485 million) on Tuesday.

According to a bourse filing, the amount will be paid over one payment upon contracting, deducing two billion pounds as the value of the transfers.

The land is located in New Cairo and spans over an area of 1,695 acres. It will be sold to the National Authority for Social Insurance.

During the first quarter (Q1) of 2023, the EGX-listed firm recorded net profits of 19.41 million pounds, up year-on-year (YoY) from 3.17 million pounds.

Earnings per share (EPS) also climbed to 0.010 pounds in January-March 2023 from 0.002 pounds recorded the year before.

The revenues amounted to 90.91 million pounds in Q1-23, rising from 63.54 million pounds recorded in Q1-22.