Increasing the capital of the “Arab Contractors” to 8 billion pounds

Al-Butcher: The contracting sector is one of the main pillars of the national economy that contributes to achieving sustainable growth

The General Assembly of the Arab Contractors Company agreed to increase the issued and paid-up capital of 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 financial year 2020-2021.

Dr. Assem Al-Jazzar, Minister of Housing, 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 accounts for the financial year 2020 -2021, and an increase in the issued and paid-up capital was approved. The company increased 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 approval of the company’s draft planning budget for the fiscal year 2022-2023.

Assem Al-Jazzar emphasized that the financial year 2020-2021 has been exceptional events, the most important of which is the Corona pandemic, and the challenges and repercussions it has imposed on all economic sectors in the country, necessitating the joint efforts of all government agencies has. to contain the repercussions of these events, and to achieve sustainable growth supported by a vision Towards a better future, and improving the quality of services provided to the Egyptian citizen, through several axes, of which the most importantly the provision of infrastructure services such as e.g. water, sanitation, housing, electricity, transportation, and others. The state’s efforts to eliminate slums, and the initiatives that have been launched, including The presidential initiative “A Dignified Life” for the development of the Egyptian countryside has the greatest impact to achieve this goal, and to improve the standard of living in the areas most in need.

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 company’s completion of the implementation of 101 projects during the fiscal year 2020-2021, and a growth in the value of the executed works at a rate of 11.9% over the previous year, where the executed works reached a value of 28.569 billion pounds. It achieved a total profit from the activity of 814 million pounds, and net profit of 635 million pounds, in addition to an increase in the total equity of the company, which at 30-6-2021 amounted to 9.977 billion pounds, compared to 9.385 billion pounds in the previous year, which is considered a growth of money. The company’s annual increase in the company, as well as the company’s continuity in increasing the paid-up capital from the results of its work, where the paid-up capital was increased by 500 million pounds this year, which is the total paid-up capital during the previous 5 year to 2.25 billion pounds without the state budget for any The liabilities as a result of this, in addition to the existence of a balance of contracts available to the company on 30/6/2021, have 92,332 billion pounds, of which 21.521 billion pounds are for branches outside the Republic, representing 23.3. % of the volume of contracts.

Al-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 have a leading and growing role in the export of the Egyptian contracting industry, especially in markets that need reconstruction, or that 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 grow his way to the side, in order to achieve his good management of public assets as it is fully owned by him, and one of the most important His companies are involved in the implementation of the most important national projects through the successive economic and social development plans of the state.

Farouk: We managed to overcome the challenges imposed by the Corona pandemic … and achieved the company’s target plan

Engineer Sayed Farouk, Chairman of the Board of the Arab Contractors Company, reviewed the annual report of the company’s board and its financial results for the fiscal year ended 30-6-2021. The economic imposed by the new Corona virus pandemic on the company’s business inside and outside, where the company achieved outstanding results, the most important of which are the following: The achievement of the company’s target plan approved by the General Assembly, where the company activity income of 28.569 billion pounds, achieved 105.8 percent of the target plan, This income led to the achievement of a net profit of 635 million pounds, or 110.5% of the target surplus.

Engineer Sayed Farouk added: During the fiscal year 2020-2021, the company paid the following cash liabilities, “7.329 billion pounds owed to suppliers – 6.923 billion pounds, debts to subcontractors – 4.432 billion pounds, net cash wages to workers – 1.790 billion pounds, social insurance during the year Fiscal 2020-2021 – 122 million pounds – General Authority for Health Insurance – 500 million pounds, commissions and bank expenses – 418 million pounds, medical treatment – 39.036 million pounds, government bonds – 197 million pounds in taxes”, and the sovereign increases were absorbed. On salaries, social security and others, without placing any burden on the state’s general budget.

The Chairman of the Board of Directors of the Arab Contractors Company emphasized that the company has maintained its regional presence by applying for appropriate foreign projects, with the aim of obtaining new business for them, knowing that business indicators in these countries indicate a decrease in investment. spending on infrastructure projects, and an increase in competition from companies International operations operating in these markets, but the company faces this by improving the operational efficiency of the projects and increasing the level of quality of implementation in them. Safe to meet the required health. and safety requirements.

Engineer Sayed Farouk discussed the most important results achieved by the company during the financial year 2020-2021 as follows: The company’s revenue amounted to 28.569 billion pounds, compared to 25.526 billion pounds in the previous year, an increase of 11.9 %, and the company’s income from its business abroad amounted to 5.044 billion pounds, Compared to 4.262 billion pounds in the previous year, an increase of 782 million pounds, an increase of 18.35%, and the company achieved net profit of 635 million pounds, compared to net profit. of 598 million pounds during the year 2019-2020, as well as continuous growth in property rights “the share of public money.” In the company, where the property rights have increased from 9.385 billion pounds on 30-6-2020, to 9.977 billion pounds on 30-6-2021, and the company’s capital has been increased from the carried forward profits of the previous year and the profits achieved during the 2019-2020 fiscal year, In the amount of 500 million pounds.

He explained that the company achieved the following achievements in terms of operational performance: the number of completed and delivered projects reached 101, and the number of projects contracted to implement 122 new projects. The company has 4 months of the basic salary , emphasizing that these results reflect the good performance of the company in its projects, consolidating its position and its leading role in the Egyptian contracting sector, and this is evident in the company’s participation in the implementation of most national projects.

Regarding the future vision of the company, the Chairman of the Board of the Arab Contractors Company indicated that the company is currently working to achieve more achievements in the coming years, to maintain the sustainability of the company’s growth and to maintain its competitiveness. position, in light of the commitment to implement the projects assigned to him in accordance with his programs The required time and quality, while maintaining the level of occupational safety and health for workers in these projects.

He added that in order to achieve the future vision, the company has seen the continuation of the trend in several axes, the most important of which is the consolidation of the company’s leading position in the contracting sector, the support of its competitiveness, participation and a alliance with large contracting companies. to implement the projects presented at home and abroad, and work to provide a portfolio of projects. The company is constantly growing, maximizing the investment return on the investment portfolio owned by the company, starting to the institutional development study of the company, build an integrated system for the digital transformation of its activities, achieving job security and material and psychological stability for the company’s employees, work to maintain a strong financial position for the company, and continue goes to increase the efficiency of employees in the company, by diversifying the training programs that are in line with the company’s work requirements, and links investment spending on production assets to the real needs of projects inside and outside.

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