Egypt’s Construction and Development Holding seeks FY19 revenues 63% up

Egypt’s state-owned Holding Company for Construction and Development (HCCD) seeks a 63 growth in revenues to 19.2 billion Egyptian pounds ($1.1 billion) in the financial year 2018/2019.

The company also targets a net profit worth 1.4 billion pounds in the financial year 2018/2019, marking a 25 percent year-on-year increase.

This comes after the company held on Tuesday its ordinary general assembly meeting approved the financial year 2018/2019 budget, in presence of HCCD’s chairman and board directors as well as a number of the representatives of the state-owned statics agency CAPMAS.

Egyptian Public Business Sector Minister Hisham Tawfiq on July 15 issued decision No. 68/2018 to reshuffle HCCD’s board. The company is an affiliate to his ministry.

Tawfiq said the decision stipulates extending the tenure of HCCD’s chairman Mahmoud Fathi Hegazy for three years, besides appointing Hisham Moustafa Kamal and Bassel el Heny as new members of the board.

As for HCCD’s extraordinary general assembly, it has approved the company’s decision to sell 32.25 percent of state-owned Heliopolis Company for Housing and Developments’ shares on Cairo stock exchange.

The listing is part of the Egyptian government’s programme to raise shares of state-owned firms in the local stock market.