Cairo – Mubasher: The net profits of Heliopolis Company for Housing and Development plunged by 95.7% to EGP 16.25 million in the first nine months of fiscal year (FY) 2020/2021, compared to EGP 379.59 million in the prior-year period, the unaudited financial results showed.

The real estate developer generated EGP 263.7 million in revenue in the nine-month period ended 31 March, down from EGP 1.13 billion in the corresponding period a year earlier, according to a bourse disclosure on Wednesday.

The decline in revenue was ascribed to the sale of land plots in New Heliopolis City and Sheraton in the corresponding period.  

The company’s board of directors approved the planned budget for FY21/22, targeting EGP 661.09 million in profits and EGP 1.81 billion in revenues.

The budget also includes investments of EGP 858.5 million in residential and utility projects.

During the first half (H1) of FY20/21, Heliopolis Housing incurred net losses of EGP 84.57 million, against net profits of EGP 351.3 million in the prior-year period.