DICE to sell Helwan land plot for $5.5m and use proceeds to cut bank debt

DICE for Ready-Made Clothes, one of Egypt's listed garment manufacturers, has approved the sale of a land plot it owns for a total of $5.5 million and will use all of the proceeds to reduce its bank facilities, Al Borsa News reported on 27 September, citing the company.

The company approved a fair-value report for the 62,870 square-metre plot, which valued it at EGP 258.4 million. The board then gave final approval to sell the entire plot, according to Al Borsa. Youm7, which also reported the disclosure, said the land is in the Helwan area of Cairo.

The move follows weaker first-half earnings. DICE's net profit fell 63.4% to EGP 70.2 million in the first six months of 2026, from EGP 192.07 million a year earlier, while revenues rose to EGP 3.38 billion from EGP 3.18 billion, Al Borsa reported.

Rising revenue alongside sharply lower profit suggests pressure on margins, and using the land sale to pay down bank facilities indicates the company is prioritising a lighter debt load.

What it means for Egyptian exporters

DICE is a well-known name among Egypt's garment makers, so its finances are a useful signal for the sector. The first-half figures show that growing sales do not automatically protect margins, as costs and financing weigh on manufacturers. For buyers, a supplier reducing its debt is generally a positive sign for stability; for other exporters, the case is a reminder to watch financing costs as closely as order books.