Egyptian property developer Heliopolis Housing’s net profit for the July-September quarter jumped nearly 30 percent, the country’s stock exchange said on Sunday.
The mostly state-owned firm, once one of Egypt’s foremost developers, made a profit of LE 37.9 million, up from LE 29.3 million in the same quarter of 2009. The exchange did not provide details.
Egypt’s property sector has remained buoyant despite the financial crisis, largely thanks to strong local demand and insulation from international credit markets.
Still, confidence in the sector has been shaken by suits that challenged the legality of state land sales to a number of major developers, including Talaat Moustafa Group, Palm Hills Developments and Egyptian Resorts.
Heliopolis Housing in August proposed a cash dividend of LE 1.30 per share after it released its results for the financial year than ended on June 30. In July, it said it would seek a 50 percent capital increase.
Shares in the firm closed down 1.8 percent before the results were posted.
