Zahraa Maadi Investment and Development company (ZMID) aims to collect the instalments generated from the sale of land and housing units worth EGP 169m within a year in order to support the company’s liquidity, according to a source in the company.
The source noted that these units and lands are located in Zahraa Maadi city.
The source added that the company’s balance of the portfolio of instalments collected from clients exceeds EGP 850m.
The Central Agency for Accounting (CAA) published a report about ZMID in November in which it pointed out the importance of collecting the instalments from customers on time.
This report came with the arrears of the sales of lands, and housing, administration and commercial units worth EGP 28.9m in addition to checks returned from customers worth EGP 14m.
ZMID achieved a net profit worth EGP 140.5m during the first nine months of 2016, compared to EGP 100.6m during the same period last year.
The improvement is the result of the increased sales from EGP 68.5m last year, to EGP 271.3m in 2016.
ZMID’s issued and paid-up capital is estimated at EGP 55m, distributed across 55 million shares with a nominal value of EGP 1 per share.