Heliopolis Company for Housing and Development modified its targeted net profit for FY 2020/21 to be EGP 562.129 mn instead of EGP 1.214 bn, Invest-Gate reports.

This came after the coronavirus pandemic led to an economic recession, putting its toll on both the national and international economic sectors, according to a company statement filed to the Egyptian Exchange (EGX) on May 6.

Egypt expects a decline in its growth rate from the previously targeted 6% to 2-4% in FY2020/21, the EGX filing showed.

The company also lowered its expected revenues from EGP 3.073 bn to EGP 1.838 bn for the upcoming fiscal year.

For FY 2018/2019, the company targeted to achieve revenues of EGP 1.06 bn and distributable profits of EGP 2.84 mn.

Earlier in 2019, the Ministry of Public Enterprise Sector and Holding Company for Construction and Development have given principal approval to pass management of Heliopolis Company for Housing and Development (HHD) to a strategic real estate investor.