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Upper Egypt targets L.E 150 m profits, says chairman
Released on - Thursday,05 November , 2009 -13:14 53
Arab Finance: Mokhtar Al Dahshouri chairman of Upper Egypt Contracting - (UEGC) expected that new development five-year plan will boost company profits in current FY to L.E 150 million. He added that total value of company new contracts hits L.E 400 million.
Al Dahshouri asserted that, his company benefited from capital increase proceeds in improving company current activities and adding new activities such as real estate, touristic and quarry investments as it injected L.E 355 million amount in such investments.
Moreover, Al Dahshouri revealed that Upper Egypt Contracting will turn to a holding one through separating company various activities to six independent entities under umbrella of Upper Egypt “Holding” company. He noted that approval of company BOD will be obtained soon to establish first subsidiary.
“Al Dahshouri said that contracting activities value surged from L.E 30 million to L.E 160 million alongside with L.E 25 million to 30 million portfolio” he said, highlighting company huge projects which exceeds L.E 2.5 billion.
Furthermore, he also noted that the company earned about L.E 17.5 million profits from selling 15 million treasury stocks without effects on company share. It allocated L.E 20 million to improve quarries and repaid all dues.
Source: Alalam Alyoum newspaper