Mubasher TV
Contact Us Advertising   العربية

Heliopolis Housing to auction 5 residential units Oct 14

Heliopolis Housing to auction 5 residential units Oct 14
Heliopolis Housing
HELI
-1.63% 9.64 -0.16
Egypt’s property developer Heliopolis Company for Housing and Development (Heliopolis Housing) announced that it will hold an auction on Tuesday, October 14 to sell 3 residential units in Heliopolis in addition to 2 other units in Sheraton.
The company’s board had recommended withholding dividends and retaining earnings for the fiscal year 2013/2014, saying it proposed the dividend freeze because the company is executing a number of major investment projects, including Heliopolis City, HelioPark and projects in El Obour City, which require huge financing that the company’s own resources could not fulfill it. Furthermore, the cost of raising bank loans is high.
The company’s financial results for the fiscal year that ended on June 30, 2014 had shown EGP 183.860 million net profit, with 36% growth compared with EGP 135.532 million a year earlier.
H1-13/14 profit had netted EGP 65.5 million, with a jump by 69.3% y/y from EGP 38.69 million.
The company is seeking to double its capital that currently stands at EGP 111.257 million.