ArabFinance: El Arabia for Land Reclamation (EALR) announced the sale of a 255-acre land plot in Aswan worth EGP 21.420 million.
The purchaser will pay the land value into two tranches, the first one is amounting to EGP 6,426,000, 30% of the land's amount payable into two installments.
In addition, the second tranch which is amounting to EGP 14,994,000 will be paid on 3 equal installments with an annual interest of 7% maturing since the payment of the first installment.
EALR posted a net profit of EGP 73,456 in H1 of FY 2019/2020, compared to net profits of EGP 8,607,699 in the same period a year earlier.
El Arabia for Land Reclamation is an Egypt-based public shareholding company that operates in the engineering and construction sectors.
It is active in land reclamation and division; real estate purchase, sale and development; housing development and management of coastal, inland and agricultural properties, and general contracting. El Arabia for Land Reclamation Company also conducts studies and surveys for agricultural development in the coastal and desert areas.
