Cairo – Mubasher: Heliopolis Company for Housing and Development’s board of directors is looking to double the company’s profits by 294.5% year-on-year in fiscal year 2019/2020.

The real estate firm aims to log around EGP 1.12 billion in profits in the next fiscal year, versus an estimated profit of EGP 283.9 million in FY18/19, according to a statement to the Egyptian Exchange (EGX) on Monday.

The company also plans to achieve revenue of about EGP 3.11 billion, in addition to expenses of EGP 1.98 billion in FY19/20, the statement added.

Moreover, the Cairo-based company has allocated EGP 641.53 million for the FY19/20 investment scheme.

In January, Heliopolis Housing reported a net profit of EGP 48.6 million in the six-month period ended December 2018, versus EGP 59.2 million in the corresponding period of 2017.