Egypt’s state-run Heliopolis Housing profits fall by 13% in FY2017

Egypt’s state-owned Heliopolis Company for Housing and Development (HELI) reported Tuesday a 12.9 percent drop in annual profits to reach 348.8 million Egyptian pounds ($19.4 million) during the financial year 2016/2017.

Earlier, profits stood at 400.6 million pounds during the financial year 2015/2016.

Profits fell by 51.6 percent  to record 135.8 million pounds during the nine months ended in March 2017,, against 280.4 million during the same period in 2016.

Revenues jumped by 45 percent to 953.3 million during the FY2016/2017, compared with  657.5 million during the FY2015/2016.