HHD’s profits decline 96% YoY in H1: Egypt

HHD’s profits decline 96% YoY in H1: Egypt

Heliopolis Housing and Development (HELI) reported a 96.14% year-on-year (YoY) plunge in net profits after tax for the first half (H1) of 2023, according to the company’s financial income statement filed to the Egyptian Exchange (EGX) on August 15th.

The company recorded a net profit after tax of EGP 24.611 million in the six-month period ended June 30th, compared to the profit of EGP 368.242 million recorded in the same period of 2022.

Operating revenues stood at EGP 258.602 million during the January-June period of 2023, down from EGP 1.575 billion in H1 2022.

HHD is a leading Egypt-based real estate development company that operates in land reclamation and subdivision, residential real estate development and management, property purchase and sale, and project planning and supervising. This is in addition to the construction of houses, hotels, holiday resorts, and hospitals.

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