Cairo – Mubasher: Marseilia Almasreia Alkhalegeya Real Estate Investment is considering a plan to obtain loans to finance its projects.

In response to news reports about considering borrowing EGP 3 billion to finance its expansion plans, the company confirmed that the size of the funding hasn’t been determined yet, according to a bourse disclosure on Wednesday.

The real estate developer plans to expand its land portfolio and launch several projects in the coming period.

During the first half (H1) of 2020, the company’s net profits fell to EGP 1.39 million from EGP 4.6 million in the same period a year earlier, while its revenues retreated to EGP 174.32 million from EGP 250.4 million in H1-19.