Obour Land targets 12% net profit growth in 2017

Obour Land is targeting net profit growth of 12% in 2017, CEO Ashraf Sherif told Reuters. “We will distribute no less than 50 % of this year’s ]2017’s] net profits in dividends to shareholders,” he said. The company forecasts a 6% increase in net profit in 2016 from EGP 92 mn in 2015. Obour Land will raise prices by 20% in April if the EGP doesn’t strengthen against the USD, said Sherif, and expects to grow its market share to 42% in 2017 from 36% currently and to 45% by 2018.