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Heliopolis Housing reports profit fall in 2024
Heliopolis Housing and Development reported a steep decline in net income for 2024, with profits falling 67.2% YoY to approximately EGP 2.6 billion, according to the company’s latest financial results.
Total revenues also decreased last year to around EGP 4.5 billion, compared to EGP 15.6 billion in 2023.
Similarly, earnings per share dropped from 5.85 in 2023 to just EGP 1.92 last year. |
Board decisions
In a separate disclosure to the Egyptian Stock Exchange (EGX), the company’s board approved a dividend payout of EGP 1.33 per share for 2024 earnings.
Remember, the company has been making big moves
The company said in an EGX disclosure in January that it purchased a plot of land spanning 766 acres near New Cairo for EGP 12.118 billion.
In July, the firm announced a partnership with Madinet Masr for construction of a residential project spanning 491 feddans in New Heliopolis in eastern Cairo.
Going forward
The company expects to accumulate EGP 225 billion in revenues over the next the next nine years from partnerships it concluded with MG Group, Middle East Company, and Madinet Misr. |
Phase two of EIPICO’s capital increase offering is fully subscribed
EIPICO (Egyptian International Pharmaceutical Industries Company) announced that the second phase of its capital increase subscription was fully covered, with demand reaching 1.328 times the offered amount. |
The details
Good demand
Strong performance
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The Egyptian Ministry of Electricity has reached an agreement with France’s Schneider Electric to establish four energy control centers, with investments exceeding EGP 5 billion, a government official told Asharq Business. |
Key functions
The centers will monitor and control the electricity grid, enabling quicker responses to faults, minimizing grid losses, and facilitating the transition to a smart grid.
Timeline and locations
Contracts are expected to be signed during French President Emmanuel Macron’s visit to Egypt, which began on Sunday. Construction will begin before mid-year, with completion scheduled for the end of 2026.
Two centers will be located in southern and northern Egypt, while the locations of the remaining two are yet to be disclosed.
Broader plans
In 2020, Egypt unveiled a plan to build 47 control centers nationwide, with an initial cost of EUR 2 billion, the news outlet notes.
In other energy news
Egypt has agreed to lease the “Energos Power” gasification vessel from Germany to handle liquefied natural gas (LNG) shipments, expected at Ain Sokhna port by June, a government official told Asharq.
The unit, which will convert LNG back into gas, will be leased for five years to support Egypt’s natural gas needs.
It will supply about 500 million cubic feet of gas per day, with an annual leasing cost of USD 80 million.
The vessel will join other floating stations leased by Egypt to regasify LNG and supply fuel to power plants during summer months.
Why this matters
This project and others come as the country wrestles with LNG shortages after becoming a net importer recently.
Egypt’s demand for the resource totals some 6.2 billion cubic feet a day, while it only produces 4.3 billion.
Egypt is looking to up gas production to about 5 billion cubic feet a day in a bid to meet local demand. |
What else is clapping?
Edita’s board of directors has approved a cash dividend distribution amounting to over EGP 800 million, equivalent to EGP 1.14 per share. The payout will be made in two equal installments.
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