Cairo – Mubasher: Heliopolis Company for Housing and Development posted a 42% year-on-year profit growth during fiscal year 2018/2019.

Net profits surged to EGP 376.3 million in the twelve-month period ended 30 June, compared to EGP 265.3 million in the year-ago period, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.

Year-on-year, revenues rose to EGP 1.07 billion in FY18/19 from EGP 954.5 million.

The FY18/19 profit increase was ascribed to higher revenues generated from the sale of land plots as well as lower costs.

During the first nine months of FY18/19, the real estate firm’s net profits plunged to EGP 39.5 million, compared to EGP 120.4 million in the year-ago period.