Cairo – Mubasher: Samcrete Misr posted that its unconsolidated earnings declined to EGP 623,000 ($70,000) in the first quarter of 2016, down 46.7% from EGP 1.2 million ($131,200) a year earlier.

In February, the company announced that its 77% owned Samcrete Egypt for Urban Development has been awarded the contract of managing the development and marketing of Ahram Heights residential project.

The project comprises 604 units with areas ranging between 240 to 420 square meters.

Samcrete expects revenues of EGP 2 billion from the project that it anticipates to deliver after four years.

Over 2015, the company reported EGP 11.17 million standalone profits.