Friday 22 Nov
Al-Taamir for Real Estate Financing Company, ‘Al-Oula’, has provided financing worth 3.8 billion Egyptian pounds from January to the end of September, according to Ayman Abdel Hamid, the company’s Vice Chairman and Managing Director. He indicated that the company achieved a net profit of 223 million Egyptian pounds during the first nine months of the current year.
Abdel Hamid added that the
company had set a target for 2024 regarding net profit of around 180 million
Egyptian pounds. However, with the significant growth in the market and the
company's business volume, it achieved an increase of about 43 million Egyptian
pounds above the annual target by September.
The Managing Director of Al-Oula
for Real Estate Financing pointed out that the credit facility and existing
liquidity portfolio amounts to 3 billion Egyptian pounds, and the company
continuously focuses on increasing it periodically, in conjunction with
increasing liquidity to be pumped into financing directed to customers, whether
individuals or real estate developers.
He indicated that the company is still continuing to freeze any plans to issue securitization bonds worth 3 billion Egyptian pounds, in light of the recent increases by the Central Bank in the interest rate, while relying on self and bank liquidity to cover future financing.
