Cleopatra Medical Group concludes negotiations on branch deal in New Cairo

Fatma Salah
2 Min Read

Cleopatra Medical Group revealed that it concluded talks and negotiations regarding an agreement signed last October to complete and equip a hospital building in the New Cairo area.

It explained that the reason behind ending the negotiations is the failure to meet the terms of an agreement to complete and equip the hospital building.

Daily News Egypt learned that the group was in an advanced level of negotiations with the international Al-Marasem Development Company to participate in a hospital project in New Cairo, which Al-Marasem began building on a plot of land obtained in a previous auction offered by the New Urban Communities Authority (NUCA).

The sources added that Al-Marasem of the Saudi Bin Laden Group had started the construction of the hospital, but could not complete it or provide it with beds and medical equipment. They pointed out that they considered resorting to a bank loan.

The Ordinary General Assembly of Cleopatra Medical Group approved the proposal of the Board of Directors regarding distributing the company’s employees’ share of the profits without the shareholders for the past year.

The profits of the group increased by 38% during the past year, reaching EGP 410.7m, compared to a net profit of EGP 297.6m in 2020.

The company’s revenues also increased last year to EGP 2.54bn, compared to the total revenues of EGP 1.98bn in 2020.

The profits of the parent company’s shareholders last year amounted to about EGP 387.2m, compared to profits of EGP 286.9m in the previous year.

Non-controlling interests increased to EGP 23.4m, compared to EGP 10.7m in 2020.

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