The Heliopolis Company, known as Masr Al-Gadeeda for Housing and Development, announced it is targeting EGP 200m distributable profits for the fiscal year (FY) 2015/2016. The budget awaits the approval of the company's general assembly, it said in a statement released to the Egyptian Stock Exchange (EGX). The company announced earlier this month that it is studying the possibility of issuing two tenders to implement four real estate projects. In spite of media reports mentioning that the value of investments in the projects was EGP 11.5bn, the company said that the value has not yet been defined. The real estate company highlighted that as soon as it has completed studies of the projects' investments costs and tender issuance, it will announce the detailed information at the EGX. The company is also studying the possibility of selling land parcels in Nasr City. The company's profits for the six months between June and December 2014 totalled EGP 89.3m, increasing by 36% on the same period in 2013. During the FY 2013/2014, the company's profit jumped by 35.5% compared to the previous fiscal year, surging from EGP 135.5m to EGO 183.8m. Despite political and economic turmoil, Egypt's real estate market is expected to remain "subdued" but gradually recover in late 2014 and 2015, real estate investment and advisory firm Jones Lang LaSalle said in its latest quarterly report.
