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Heliopolis Housing approves to sell 34-feddan land to Zahraa Maadi

Heliopolis Housing approves to sell 34-feddan land to Zahraa Maadi
Zahraa Maadi logged a net profit of EGP 110.2 million in nine months
Zahraa Maadi
ZMID
-2.92% 6.64 -0.20
Heliopolis Housing
HELI
-1.63% 9.64 -0.16

Cairo – Mubasher: Zahraa Maadi Investment and Development announced that it has received approval of Heliopolis Company for Housing and Development to purchase a land plot in New Heliopolis City.

The real estate developer will obtain a 34.48-feddan land plot to build a residential and commercial project, according to a statement to the Egyptian Exchange (EGX) on Monday.

Earlier in December, an informed source told Mubasher that Heliopolis Housing is in negotiations with several companies to sell a 34-feddan land and another 16-feddan land in New Heliopolis in El Shorouk City.

 It is noteworthy that during the first nine months of 2019, Zahraa Maadi logged a net profit of EGP 110.2 million, compared to EGP 87.17 million in the corresponding period a year earlier. 

From July to September, Heliopolis Housing reported a net profit of EGP 29.39 million, up from EGP 8.7 million in the prior-year period.