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Zahraa Maadi expects EGP 3.3bn sales from New Heliopolis project

Zahraa Maadi expects EGP 3.3bn sales from New Heliopolis project
The project will be equally owned by Zahraa Maadi and Leopard Contracting
Zahraa Maadi
ZMID
-4.97% 13.97 -0.73

Cairo – Mubasher: The board of directors of Zahraa Maadi Investment and Development has awarded the development and construction of an integrated residential complex over a 34-feddan land plot in New Heliopolis City to Leopard Construction.

The project, which will be equally owned by Zahraa Maadi and Leopard Contracting, is expected to generate estimated sales of EGP 3.29 billion, the company said in a bourse disclosure on Monday. 

During the first nine months of 2021, Zahraa Maadi posted net profits of EGP 211.02 million, up from EGP 128.51 million in the same period in 2020. 

The company's sales fell to EGP 116.6 million in the January-September period from EGP 266.7 million in the year-ago period.