EMRC Achieves EGP 7.5 Mln Profit In Q1, 2013

The Egyptian Mortgage Refinance Company (EMRC) has achieved net profit of EGP 7.5 million in the first half of the current year, with an increase of EGP 3 million from a year earlier.

Iman Ismail, Managing Director of EMRC, announced that the loan portfolio of the company reached EGP 480 million, and that the company increased its mortgage refinance contracts in the last period.

She added that if the Shura Council amends mortgage law, the mortgage firms will succeed in achieving substantial profits in the coming phase, especially the proposed amended items are suitable for low-income people, noting that discussing the amendments is disrupted by tackling important political and economic issues in the Council.

She went on to say that the real estate market now is ready to receive new investments but after the return of security and political stability. She said that there are signs of achieving stability and the latest of which is the central bank’s decision to pump US$ 600 million to banks so as to meet request for finance to import strategic goods..

The EMRC’s board of directors has agreed last September to double the company’s capital from EGP 240 million to EGP 480 million.