Cairo – Mubasher: The ordinary general meeting (OGM) of Heliopolis Company for Housing and Development approved the estimated budget for fiscal year 2020/2021.

The company’s OGM also greenlighted the resignation of its current board of directors and approved the formation of a new one, according to a bourse disclosure on Sunday.

The state-owned firm’s board cut its profit forecast to EGP 562.13 million from EGP 1.214 billion for the coming fiscal year due to the economic repercussions of the coronavirus (COVID-19) outbreak.

The board also lowered the company’s revenue forecast to EGP 1.838 billion from EGP 3.074 billion for FY20/21.

It is worth mentioning that during the first nine months of FY19/20, Heliopolis Housing’s net profits surged to EGP 379.59 million from EGP 39.59 million in the corresponding period a year earlier.