The Heliopolis Company for Housing and Development (HHD) board of directors approved the company’s key performance indicators in the second half (2H) of 2019, which saw an increase of 622.7% in profits compared to the corresponding period in 2018.
HHD achieved net profits of EGP 351.34m in 2H2019, compared to EGP 48.621m in 2H 2018. Activity revenues increased to EGP 732.403m, compared to EGP 383.358m, with a growth of 91%.
The company attributed the increase in its revenues and profits to the sale of a plot of land to Zahraa El Maadi Investment and Development for EGP 481m.
Moreover, the company’s gross profit rose to EGP 596.875m in 2H2019, compared to EGP 249.413m in 2H 2018. The company’s earnings per share reached EGP 0.79 in 2H 2019, compared to EGP 0.11 in 2H 2018.
The company’s board, during its meeting on Wednesday, approved an amendment to Article 3 of the Articles of Association.
It explained that this amendment includes adding real estate development and electricity distributing and selling to the company’s activities.
The board authorised its chairperson or whoever he authorises to take all the necessary measures to proceed with the amendment procedures before the competent authorities and to introduce all the amendments required by those bodies.