Cairo – Mubasher: Arab Contractors’ general assembly has nodded to raise the company’s issued and paid-up capital by EGP 400 million to EGP 6.5 billion from EGP 6.1 billion, the Egyptian housing minister said on Wednesday.
The general assembly has also approved the budget scheme for fiscal year 2019/2020 and endorsed FY17/18 financial statements and audits, Asem El-Gazzar added in a statement.
In the same vein, the company’s business volume increased by 9.4% in FY17/18 at a value of EGP 22 billion, El-Gazzar said.
The company’s overseas business volume amounted to EGP 3.3 billion in FY17/18, falling 31% or EGP 1.484 billion from EGP 4.8 billion a year earlier, the minister highlighted.
He noted that the company’s property rights stood at EGP 8.951 billion on 30 June 2018, versus EGP 8.433 billion in FY16/17.
Arab Contractors has settled liabilities of EGP 7.272 billion, EGP 6.16 billion, EGP 3.62 billion, and EGP 1.37 billion for suppliers, subcontractors, employees, and social insurances, respectively at the end of March 2019, he indicated.
Additionally, the company has paid bonuses and banking expenditures of EGP 432 million, medical treatment interests of EGP 258 million, and government bonds worth EGP 26 million, El-Gazzar said.
