Cairo – Mubasher: The board of Al Shams Housing and Urbanization has approved the company’s budget plan for 2020.

The company seeks to achieve profits of EGP 187.45 million in 2020, up from a target of about EGP 150.36 million for the fiscal period ended 31 December 2019 and an actual profit of EGP 96.96 million for the period ended 30 September 2019, according to the company’s disclosure to the Egyptian Exchange (EGX) on Monday.

The company referred that it plans to invest a total of EGP 308.99 million this year, including EGP 66.66 million in Al Shams Housing’s project in the 6th of October city and EGP 224.33 million in land payments, works, and consulting studies for its project in the New Administrative Capital.

Al Shams added that the budget plan also showed a cash deficit of EGP 117.217 million.

It is noteworthy to mention that during the January-September period, the company generated profits of EGP 96.96 million, compared to EGP 170.7 million in the same period in 2018.