Heliopolis Company for Housing and Development (HELI) announced a 95.6%  increase in net profits for the current fiscal year, compared to last year, Al Borsa News reported.

The company recorded profits of EGP 400.6 million in fiscal year 2015/2016, compared to EGP 204.7 million in the previous fiscal year.

“The company was able to raise its revenues due to residential unit sale in  Sheraton Heliopolis and New Heliopolis city on the Egypt-Suez Road,” said Hany El-Deeb, the company Chairperson said.

“This led to company’s revenue growth at a rate of 36.8% to record sales of EGP 657.6 million compared to EGP 480.5 million,” El-Deeb added.

The company recently sold two residential buildings in two days as the first phase of a housing project in Sheraton Heliopolis, for a total of EGP 75 million.

Three more buildings at the Sheraton project, worth EGP 120 million, are set to be sold before the end of the first quarter of the new fiscal year.