Egyptian developer Heliopolis Housing increased its net profit by 33 percent in the nine months to end-March, the stock exchange said on Tuesday.

The mostly state-owned firm, one of Egypt’s oldest home builders, made a net profit of LE 121.8 million ($21.7 million) in the nine-month period, up from LE 91.9 million a year earlier, the exchange statement said.

Many of Egypt’s major real estate developers have reported big upswings in first quarter unit sales, as the largest Arab country’s property market shook off worries sparked by the global financial crisis.