Al Shams Housing and Urbanization’s net profits increased by 19% in 2014, the company said in its consolidated financial statements for the fiscal year ended 31 December 2014.

The statements showed net profits of EGP 40.7 million ($5.3 million) for 2014, compared with EGP 34.2 million ($4.5 million) for the previous year.

The company reported net profits of EGP 26 million in the first nine months of 2014, against EGP 27.1 million for the same period of the previous year.

The real estate developer recently said that it's eager to operate within the Saudi market by the end of 2016.

The company is capitalised at EGP 100 million, divided into 100 million shares at EGP 1 par value each.