Cairo – Mubasher: The shareholders of Heliopolis Company for Housing and Development approved the company’s estimated budget scheme for fiscal year 2019/2020, during an ordinary general meeting (OGM).

The real estate firm aims to achieve a net profit of EGP 1.12 billion in FY19/20, compared to the estimated profit of EGP 283.9 million for FY18/19, according to a statement to the Egyptian Exchange (EGX) on Sunday.

The Cairo-based company also targets to achieve revenues of about EGP 3.08 billion in the coming fiscal year, the statement added.

In April, the EGX-listed firm’s board of directors announced plans to double the company’s profits by 294.5% year-on-year to EGP 1.12 billion in FY19/20.

In addition, the Egyptian company has allocated EGP 641.53 million for the FY19/20 investment scheme.

During the first nine months of FY18/19, the company’s profits fell by 67% to EGP 39.5 million, compared to EGP 120.4 million in the year-ago period.

Meanwhile, revenues slid to EGP 468.5 million in the nine-month period ended 31 March from EGP 542.8 million in the corresponding period a year earlier.