National Real Estate Bank for Development won the tender held for constructing a residential tower in Al Sanabel Towers Project owned by the Ministry of the Interior, at a total cost of EGP 17.362 million. The project will last for 24 months.
The results of NRPD’s consolidated business revealed that the profits of 2011 dived to 4.57 million, compared to the EGP 6.75 million achieved by the end of the previous year, recording a decline of 30%. Likewise, the basic earnings per share dropped to EGP 0.94, compared to EGP 1.41 in 2012.
Mokhtar Dahshoury, Chairman of the Board and Managing Director of NRDP, said the company has managed to sell about 30% of the apartments of Carrefour Maadi residential project, recording 70% increase in the project’s total sales value, compared to 40% last year.
The company’s board is considering launching a number of new investment projects in the real estate sector and running construction business in Cairo and other governorates, he said, adding that his company is setting plans for marketing 14 building that will be established in the 6th of October City.
Dahshoury attributed the decline in the company’s profits last year to the political and economic situation in Egypt after the 25th January Revolution and the recession that dominated all economic sectors, and particularly real estate, despite the company’s plans for marketing Carrefour Maadi project and the apartments located in the 6th of October City.
