Cairo – Mubasher: The board of Heliopolis Company for Housing and Development agreed to obtain a long-term loan worth nearly EGP 1.2 billion from a national bank.

The loan is set to be reimbursed in seven years and a half in accordance with cash inflow disclosure and the company’s proceeds from residential, commercial, and service lands, the company highlighted in a statement on Thursday.

The Egyptian real estate firm will use the financing to overcome its liabilities and pay all due debts, according to the statement.

The company is working on fulfilling all required procedures to get the requested loan and is seeking to obtain the approval of the finance ministry regarding this matter.

Heliopolis Housing previously reported a 28.1% year-on-year drop in net profit for fiscal year 2017/2018.

The company generated EGP 250.79 million in net profit in FY17/18, versus EGP 348.8 million a year earlier.

Revenues increased to EGP 936.5 million in the 12-month period, from EGP 928.06 million in FY16/17.