The Clap:
EGX-listed real estate developers Madinet Masr and Heliopolis For Housing & Development (HHD) are teaming up on a new residential project spanning 491 feddans in New Heliopolis in eastern Cairo.
What:
The project is expected to add EGP 194.67 billion in revenues over 12 years, Mubasher writes, citing sources familiar with the matter.
The details:
Madinet Masr’s share of the project is estimated at 63.5% and has paid the agreed upon EGP 1.1 billion contract payment.
Remember both companies have had a great Q1:
Madinet Masr recorded EGP 1.17 billion in net profits during Q1 2024, compared to a net income of EGP 304.36 million during the same period last year. Meanwhile, HHD swelled its bottomline to EGP 748.46 million during Q1, compared to a profit of EGP 19.41 million during the same period in 2023.
