Egyptian real estate developer City of Egypt for Housing and Construction has purchased 800,000 treasury shares during a trading session on Thursday, according to a disclosure sent to the Egyptian Stock Exchange. This move is part of the company's plan to buy back its shares, as decided by the board of directors on June 28, 2026. With this latest purchase, the total number of treasury shares acquired under the plan has reached approximately 39.1 million.
The buyback program is part of a series of similar transactions executed by the company in the past. For instance, in a session on September 30, City of Egypt for Housing bought 1.2 million shares, bringing the total number of treasury shares to around 38.3 million. The company's ongoing share buyback initiative reflects its efforts to manage its capital and potentially boost shareholder value.
In terms of operational performance, City of Egypt for Housing reported contractual sales of 27.2 billion Egyptian pounds during the first half of 2026, representing a 16.5% annual growth. The company sold over 2,900 units during the first six months of the year, marking a significant increase of more than 71% compared to the same period in 2025. These sales figures indicate a strong demand for the company's properties.
The company's revenues reached approximately 5.13 billion Egyptian pounds during the first half of 2026, compared to 4.79 billion pounds in the same period last year. However, its net profit after tax declined to around 1.02 billion pounds, down from 1.28 billion pounds in the previous year. The decrease in net profit may be attributed to various factors, including changes in market conditions or increased expenses.
City of Egypt for Housing has also been actively engaging in new construction projects. Recently, the company awarded new construction works for its Orijami project in Tag City, valued at 1.38 billion Egyptian pounds. This move is part of the company's plan to expand its construction activities across its projects. The company aims to award contracts worth up to 18 billion Egyptian pounds in 2026.
In September, City of Egypt for Housing officially launched its subsidiary, Doors Real Estate, as part of its strategy to expand its real estate services, including consulting, sales, and brokerage. Doors Real Estate has achieved cumulative sales of approximately 122 billion Egyptian pounds since its establishment in April 2024. The launch of this subsidiary is expected to enhance the company's presence in the real estate market.
City of Egypt for Housing continues to execute its share buyback program alongside its expansion into new projects and growth in its related sector activities. The company's ongoing efforts to manage its capital and diversify its services reflect its commitment to long-term growth and shareholder value. Key developments in the company's operations and strategy will likely be closely watched by investors and industry analysts.
Key points
- City of Egypt for Housing buys 800,000 treasury shares.
- The company reports 27.2 billion Egyptian pounds in contractual sales for the first half of 2026.
- Doors Real Estate achieves cumulative sales of 122 billion Egyptian pounds since its establishment.
