The Chairman of the Arab Contractors: The Company has opened new markets abroad, expanded existing ones, and achieved revenues during the 2023/2024 fiscal year with an increase of 12.77% over the previous year.
Eng. Ahmed El Assar - Chairman of the Arab Contractors Company, presented a summary of the company annual report and its financial results for the fiscal year ending June 30, 2024, stressing that the company succeeded during the 2023/2024 fiscal year in maintaining sustainability in the distinguished results it achieves, whether in the field of project implementation or in financial results.
This came during the Arab Contractors Company’s General Assembly, chaired by Eng. Sherif El Sherbiny - Minister of Housing, Utilities and Urban Communities, and attended by Eng. Hassan Mostafa - Senior Vice Chairman, the company Vice Chairmen: Dr. Onsy Elbeshouty and Eng. Heba Abu El Ela, the Board Members: Eng. Ahmed Al Adalany, Eng. Dina Adel Fathy, Eng. Mohamed Elwi, and Eng. Hassan Ibrahim.
Eng. Ahmed El Assar added that the company has opened new markets abroad and expanded existing ones, new contracts awarded in Comoros, a new branch of the company was opened in Benghazi, Libya, and new projects were gained for the existing branch in Chad and Saudi Arabia, and the company began to re-exploit the company's assets (land - stock - investments, etc.), and enter into new business activities (seawater desalination - building materials production abroad), in addition to focusing on research and development activities in new business areas, exploiting stagnant and recycling waste, as well as continuing to adopt specialized training programs on a regular and periodic basis that keeps pace with developments and modern trends in the company's field of work, while supporting the qualified people, rewarding and assigning them to appropriate positions, besides continuing the support for company's quality system.
Arab Contractors Chairman reviewed the company's financial indicators, as the company's target plan approved by the General Assembly was achieved, achieving a turnover of 130% of the target plan, achieving 160.6% of the targeted surplus, and achieving revenues for the company during the fiscal year 2023/2024 amounting to LE 47.810 billion compared to LE 42.395 billion the previous year, an increase of 12.77% compared to the previous year, and achieving revenues from the company's business abroad of LE 16.018 billion compared to LE 15.151 billion in the previous year, an increase of LE867 million, an increase of 5.72% compared to the previous year, in addition to achieving net profits of LE 1.156 billion compared to net profits of
LE 916 million during the year 2022/2023, an increase of 26.2%, and achieving continuous growth in equity, as equity was increased from LE11.626 billion on 30/6/2023 to LE 13.931 billion (before distribution) on 30/6/2024, and the sovereign increases in salaries and social insurance, etc. were absorbed, without imposing any burdens on the state’s general budget, and the number of projects that were completed and delivered amounted to (121) projects, and contracts were signed to implement (74) new projects.
Eng. Ahmed El Assar pointed out that in light of the company's strategic vision to achieve sustainable development of its market share in the contracting sector, it has achieved continuity by maintaining its business volume and developing the work systems in line with the prevailing trends in the contracting sector, opening new markets for the company, especially in Africa, paying attention to research and development in the field of the company's activities, maximize the return on the resources and assets owned by the company, and linking investment spending on productive assets to the actual needs of projects at home and abroad.