Cairo – Mubasher: Real Estate Egyptian Consortium is considering the establishment of several investment projects in new urban communities such as the New Administrative Capital, New Cairo, Sixth of October City, New Alamein, and Marsa Matrouh.
The company is currently in negotiations with the New Urban Communities Authority (NUCA) to obtain land plots in these cities, according to a bourse disclosure on Sunday.
The board of directors previously approved a decision to develop a real estate project over Tahrir land at an investment cost of EGP 90 million and with expected revenues of EGP 184 million.
Moreover, a proposal for raising the company's capital to EGP 320 million will be referred to the board of directors for review in case the company obtained the land plots in these new cities. The capital raise will be conducted over several phases.
During the first quarter (Q1) of 2021, the company logged net profits of EGP 8.02 million, up from EGP 5.4 million in Q1-20.
The sales increased to EGP 10.57 million in Q1-21 from EGP EGP 7.36 million in Q1-20.
