January 8, 2015

The General Assembly of the Arab Contractors Approved the Planning Budget for the FY 2015/2016

The General Assembly of the Arab Contractors headed by Dr. Moustafa Madboly – Minister of Housing, Utilities and Urban Communities approved 2013/2014 financial statement and the balance sheet for the fiscal year 2015/2016. The AC net profit is EGP 326 million, turnover EGP 13.1 billion (EGP 2.1 billion i.e. 19% increase than the previous year).
Eng. Mohsen Salah – AC Chairman stated that the total turnover of the abroad branch reached EGP 4.2 billion, representing 32% from the total turnover (i.e. EGP 1.3 billion increase than the previous year). The turnover of the Joint Ventures is EGP 221 million. Thus, the total turnover abroad is EGP 406 million which increased EGP 90 million than last year.
The most prominent domestic contracts that the AC awarded last years are as follows: Grain silos (EGP 549 million), Regional Roadway Oases – Alexandria (EGP 189 million), Integrated Wastewater Project serving Qena factory for paper manufacturing (EGP 117 million), Expansion of Gabl Shisha Plant in Aswan (EGP 120 million), Rehabilitation of New Bani Suief Utilities (EGP 200 million), Al Dashasha Wastewater for Samasta in Bani Suief (EGP 100 million). On the other hand, AC awarded contracts in Algeria with total amount EGP 1.4 billion, Guelengdeng-Bongor Road in Chad for EGP 508 million, El Basrah Water Station in Iraq for EGP 729 million, execution of tunnels in Saudi Arabia for EGP 520 million, a residential tower in Al Khaleg Al Togari in UAE for EGP 113 million.
Eng. Mohsen Salah – AC Chairman declared that the total amount of the company contracts in 30th June 2014 reached EGP 34.4 billion: EGP 22.8 billion inside Egypt, EGP 11.5 billion abroad. The total workers' salaries amount EGP 4 billion which increase 17% than the previous year. Besides, the maximums of contribution in the workers and the pensioners' families increased as well and the number of the beneficiaries reached 116 cases.