The Clap:
Heliopolis Housing recorded over a 163% increase to its top line during the first quarter of the year and saw a sizable leap in net income too.
Revenues:
The company saw its operating revenues rise 163.6% YoY to EGP 239.66 million during Q1 2024.
Gross profit:
Heliopolis Housing saw its sales profit increase 160.5% YoY to over EGP 181 million in the three months ending March.
Net profit:
The company recorded a whopping 3755.4% YoY rise in its net income to EGP 748.4 million.
Big moves ahead from the developer:
Late last month, Heliopolis announced a partnership with EGX-listed real estate developer Madinet Masr in New Heliopolis that is expected to add USD 4 billion (c. EGP 194.4 billion) in revenues over nine years.
