Zahraa Maadi Investment and Development is competing with eight other companies over 99-feddan land plot in ‘Future City’ project owned by Future for Real Estate Development, Mubasher learnt.
GM Ahmed Hussein told Mubasher that his company is waiting the opening of tenders for the land plot.
For his part, Eng. Fathallah Fawzy, Chairman, Future Real Estate, said the company is currently studying received technical bids.
Zahraa Maadi board had endorsed the unaudited financial results for the nine-month period that ended on September 30, 2014.
These results showed EGP 80.3 million net profit after tax, with a rise by 14% from EGP 70.4 million net profit in the same period a year earlier.
Financial indicators for the six-month period that ended on June 30, 2014 had reflected that the company posted 22% growth in net profit to EGP 63.5 million, compared with EGP 52 million in the same period a year earlier.
Q1 profit had netted EGP 30.4 million, compared with EGP 29.1 million in Q1-13.
The company had posted EGP 112.36 million net profit in FY13, compared with EGP 111.61 million net profit a year earlier.