Approval to increase the issued and paid-up capital of the “Arab Contractors” to reach 8 billion pounds

Al Baraka Bank

Assem Al-Jazzar, Minister of Housing, Utilities and Urban Communities, yesterday chaired the General Assembly of the Arab Contractors Company, where the company’s financial statements on 30/6/2021 were approved, the explanations that supplement them, and the final bills. for the fiscal year 2020/2021, and the capital increase was approved The money issued and paid to the company from 7.5 billion pounds to 8 billion pounds, an increase of 500 million pounds, from the profits carried over from the previous year , achieved during the fiscal year 2020/2021, and the approval of the financial statements after the capital increase, in addition to the adoption of the company’s draft planning budget for the fiscal year 2022/2023.

Dr. During his speech at the company’s general meeting, Assem Al-Jazzar emphasized that the financial year 2020/2021 was exceptional events, the most important of which is the Corona pandemic, and the challenges and repercussions it has on all economic sectors in the country, which required the joint efforts of all government agencies to contain the repercussions of these events, achieve sustainable growth supported by a vision of a better future, and improve the quality of services provided to the Egyptian citizen becomes, through various axes, the most important is the provision of infrastructure services such as water, sanitation, housing, electricity, transport, etc. The slums, and the initiatives launched, including the presidential initiative “a decent life” to develop the Egyptian countryside, have the greatest impact to achieve this goal, and to improve the standard of living in the most deprived areas .

ABK 729

The Minister of Housing explained that the state has also started to target the effects of climate change, which means starting to study the launch of new projects to achieve this goal, and the contracting sector comes in as one of the main pillars the national economy that contributes to the achievement of this desired sustainable growth, leading to the diversity and continuity of the projects implemented by the sector, and the Arab Contractors Company is considered one of the pillars of the Egyptian contractor sector, and it he is required to continuously improve his performance, expand his activities, distribute and share them with respected partners, to support his competitiveness, and obtain a market share from the projects presented to ensure the continuity of the company’s growth, and it is crucial that the company works to deploy its capabilities and energies effectively and efficiently tgin, which supports its leading position in this sector, in the light of a multi-risk environment, rapidly changing and continuous modernization, especially that the company has accumulated experiences and a rich record of achievements that all citizens in Egypt know. .

The minister added that the company’s business results during the year 2020/2021 show the following: the company completed 101 projects during the fiscal year 2020/2021, and the value of the executed works increased at a rate of 11.9% grew over the previous year, where the executed works reached a value of 28,569 One billion pounds, from which it achieved a total profit of 814 million pounds, and a net profit of 635 million pounds, in addition to an increase in the company’s total equity, which amounted to 9.977 billion pounds. on 30/6/2021, compared to 9.385 billion pounds in the previous year, which is considered a growth for the company’s public capital, as well as the company’s continuity in increasing the paid-up capital from the results of its business, as the paid-up capital has been increased by 500 million pounds this year, bringing the total paid-up capital during the previous 5 years to 2.25 billion pounds without incurring any liabilities to the state budget as a result , in addition to the existence of a balance of contracts available to the company on 30/6/2021, amounted to 92.332 billion pounds, of which 21.521 billion pounds are for branches outside the Republic, which is 23.3% of the volume of contracts represent.

Dr. Assem El-Gazzar pointed out that, in addition to the financial results achieved by the company, it contributes to the provision of thousands of jobs, as it employs almost 69,000 workers, and in the field of external presence, the company continues to ‘ a leading and growing role in the export of the Egyptian contracting industry, Especially in markets that need reconstruction, or represent a strategic dimension for the Egyptian state, concluding his speech by emphasizing the state’s zeal for the continued success of the company , and facing the challenges that hinder its path to its growth, in order to achieve its good management of public assets as it is fully owned by it, and one of its most important companies in the implementation of the most important national projects by the run of the country’s successive economic and social development plans.

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