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Egyptians for Housing signs EGP 40m leasing contracts

Egyptians for Housing signs EGP 40m leasing contracts
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Egyptians for Housing
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Cairo – Mubasher: Egyptians for Housing and Development Co has signed a five-year leasing contract with Huawei Technologies (Egypt) for a fully-finished one-and-a-half floor spanning 3,420 square meters.  

The rental value will hike by 8% annually and the contract will be effective as of 1 May 2023 for an annual rent of EGP 21 million, according to a stock exchange statement on Thursday.

The company also penned two leasing contracts with Sweden’s Transcom Worldwide for unfinished two floors spanning 4,800 square metres for a rent of EGP 19 million annually.

The rental value will increase by 8% on an annual basis and the four-year contract will be effective as of 1 January 2023.

It is worth noting that in the first nine months (9M) of 2022, Egyptians for Housing registered net profits of EGP 18.88 million, compared to EGP 25.38 million in the year-ago period, including minority shareholders’ rights.

Revenues for 9M-22 amounted to EGP 56.31 million, down from EGP 58.02 million in 9M-21.