Atlas Investment and Food Industries Company has approved the offer submitted by Better Home Company regarding participation in the implementation of a real estate project affiliated with the company.

 

The company explained in a statement to the Stock Exchange that the expected revenues of the project according to the offer submitted by Better Home are about 5.2 billion pounds, and Atlas's share of it is 1.7 billion pounds for 33% of the project's revenue.

 

It also includes an advance payment for the contract of about 60 million pounds, and the time period for completing the collection of the revenue is 7 years.

 

Atlas Investment and Food Industries had previously approved the offers submitted by real estate developers, namely the Egyptian Arab Construction Company and Manassat Real Estate Development Company, in order to participate in establishing a real estate project on land owned by the company.

 

It explained at the time that the offer includes developing the plot of land located in New Sheikh Zayed City on the Cairo-Alexandria Desert Road with an area of ​​12 acres, in addition to the adjacent plot of land previously relinquished to the Authority with an area of ​​8 acres, so that Atlas will repurchase it from the General Authority for Urban Communities.

 

Atlas Investment and Food Industries recorded losses of EGP 2.71 million during the period from January to the end of March 2024, compared to profits of EGP 1.84 million in the same quarter of 2023.

 

Atlas Investment's revenues declined during the first three months of this year to EGP 3.1 million, compared to EGP 7.09 million in the comparative period of 2023.