Egypt Arab Contractors’ revenues surge 13.68% in FY2016/17

Revenues of Egypt’s state-run construction firm Arab Contractors (AC) rose by 13.68 percent, reaching 20.192 billion Egyptian pounds ($1.4 trillion) during the financial year 2016/2017, said its General Assembly on Thursday.

Egyptian Minister of Housing Moustafa Madbouly has led the assembly, which further added that Arab Contractors’ net profits jumped by 2.6 percent to 532 million pounds during the last financial year.

During the second session, the assembly has approved to increase AC’s issued and paid up share capital and the financial year 2018/2019 budgeting during the third meeting.

“We are in the process of presenting the financial results of the company. I would like to briefly mention the most important economic variables that have affected the company’s activities inside Egypt and abroad during this year,” Madbouly said.