Egyptian Arab Land Bank: Al Masry Fund Records EGP77mn Net Profits

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The Egyptian Arab Land Bank announced Thursday its mutual fund ‘Al Masry’ recorded a net profit of EGP 77 million (US$10.7 million) during fiscal year ended June 30, 2014.

EALB’s Al Masry, an open end-fixed income fund with accumulative returns, was established in April 2013, with an initial capital of EGP 50 million (around US$7 million).  Subscription on the fund began during the first quarter of 2013 and was covered by 600%.

The fund is managed by Alpha Capital, an Egyptian investment bank established in 2009.

Furthermore, the income statement of EALB’s Al Masry also showed that the fund’s total revenues reached EGP 96 million. Acceptance documents hit around EGP 7.7 million by June 30-end. In addition, the volume of current assets in the fund recorded EGP 886.4 million.

Meanwhile, Al Masry fund had bought EGP 50 million worth of the investment certificates, dedicated to finance the new Suez Canal.