Egypt’s Holding Co. for Construction targets $112.6 mln in 2016 profits

Egypt’s state-run Holding Company for Construction and Development (HCCD) says it is seeking profits worth one billion Egyptian pounds ($112.6 million) this year triggered by large bunch of underway national projects.

The affiliates’ volume of businesses mainly in social housing and road projects as well as in the Egyptian new administrative capital city has contributed to boost HCCD’s total turnovers, said HCCD chairman Mahmoud Hegazy on Monday.

HCCD had generated revenues worth 5.8 billion pounds throughout the first half of 2016, compared to 2.7 billion pounds in the same period in 2015.

Egypt’s new administrative capital is among prominent national projectss that contributed to doubling HCCD’s business volume, he added.

Five affiliates were mandated to carry out works worth around one billion pounds on the new capital city, the Egyptian official said. Nasr General Contracting – Hassan Mohamed Allam implements 40 percent of total works in the city; while Egyco captures a 20 percent share of total works.

The Egyptian Contracting Co. El Abd was assigned to execute 20 percent of works.  Moukhtar Ibrahim and Misr Concrete Development Co. both carry out 20 percent of works in the capital city, Hegazy said.