Cairo –  The ordinary general meeting (OGM) of Heliopolis Company for Housing and Development greenlighted the sale of Heliopark land at a value of EGP 15 billion.

The cash amount will be paid in one payment upon contracting, deducing EGP 2 billion as the value of the transfers, according to a bourse filing.

The land, which is located in New Cairo and spans 1,695 acres, will be sold to the National Authority for Social Insurance.

In the first quarter (Q1) of 2023, the EGX-listed firm logged net profits worth EGP 19.41 million, up year-on-year (YoY) from EGP 3.17 million.

Earnings per share (EPS) increased to EGP 0.010 in January-March 2023 from EGP 0.002 a year earlier.

The revenues amounted to EGP 90.91 million in Q1-23, versus EGP 63.54 million in Q1-22.

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