Tabarak Holding is expecting its profits to double in 2015 to record approximately EGP 100m, the company’s chairman Ali El-Shorbani revealed to Daily News Egypt.
The company’s chairman said the company has been registering profits despite the turbulence witnessed in the market.
El-Shorbani previously announced that Tabarak Holding is seeking to invest EGP 6bn until 2018. The company’s land portfolio is approximately 5.7m sqm, and has over 6,000 residential units. The company has approximately 5,000 clients.
The company will have an initial public offering (IPO) within a few months. The IPO will be worth 20% to 30% of the company’s investments, or approximately EGP 600m. The mother company is seeking to list four companies.
Earlier this month, the company announced that it has established a new firm that will take on the construction of a EGP 600m residential compound to meet a housing dearth. The new company, named New Horizon, will launch in May a project that entails 1,300 housing units as a part of a residential compound dubbed Capital East.