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El Shams Housing to enter Saudi market late 2016

El Shams Housing to enter Saudi market late 2016
Al Shams Housing
ELSH
-1.84% 6.40 -0.12
El Shams Housing and Urbanization is planning to foray into the Saudi market by late in 2016, revealed managing director Mohamed Galal.
In a phone interview with Mubasher, the official added that his company signed a memorandum of understanding (MoU) with Saudi-based firm Cross Borders Group to prepare necessary studies on opportunities in the Saudi real estate market.
The Saudi property market enjoys strong potential amid analyst forecasts that it will continue to be attractive over the upcoming five years backed by strong demand for housing and short supply.
“El Shams will also prepare studies on suitable opportunities in the Egyptian market and then submit the studies to the Saudi company that will decide on the best ones,” said Galal. However, he ruled out planning to expand in new Arab markets over the coming period, saying “Our focus currently is on the local market, in addition to preparing to enter the Saudi market.”
The board had endorsed financial statements for H1-14, showing that net profit fell 23% to EGP 14.3 million, from EGP 18.7 million in the same period a year earlier. The company had posted EGP 8.1 million net profit for Q1-14, with 23% growth year-over-year from EGP 6.6 million. The estimated budget for FY14 showed targeting EGP 26.967 million net profit. The company operates with issued and paid-in capital of EGP 100 million, divided into 100 million shares at EGP 1 par value each.
(written by Ramy Sameeh; translated by Sayed Abdel Rahman)