Egypt’s Holding Company for Construction eyes doubling profits in 3 years

Egypt’s state-run Holding Company for Construction and Development (HCCD) is looking to double its profits within the next three years buoyed by its restructuring plan, its chairman said on Sunday.

HCCD – part of the Egyptian Ministry of Public Business Sector – posted profits worth 1.2 billion Egyptian pounds ($74.2 million) this year, Hesham Aboul Atta further told Amwal Al Ghad.

The state-run company plans to restructure its subsidiaries and merge smaller entities, Aboul Atta said. It is considering merging four entities working in the contracting sector to improve competitiveness in the Egyptian market.

“Our plan focuses on increasing business volume, besides structuring subsidiaries and achieving new leap in the size of businesses within a timeframe between three years and five years,” Aboul Atta said.

HCCD’s current business volume stands at around 20 billion pounds, he added.