The General Assembly of the Administrative Capital for Urban Development (ACUD) met on Tuesday at the company’s headquarters in the Government District of the New Administrative Capital. The meeting resulted in the adoption and approval of the company’s financial statements for 2022.
The company achieved EGP 19.8bn in profit before tax, which corresponds to approximately 100% of the issued capital of the company. The net profit amounted to EGP 16.1bn. The company paid EGP 3.7bn in taxes in 2022, compared to EGP 657m in 2021, an increase of EGP 3bn, excluding the value-added tax, which amounted to EGP 1.4bn and the dividend tax amounted to EGP 340m, bringing the total amount to EGP 5.5bn.
Earnings per share for 2022 amounted to EGP 78.7 with an increase in the value of assets to EGP 255bn instead of EGP 104bn for the previous year.
In addition, the company is close to completing the facilities of all the lands of the first phase of the Administrative Capital, in conjunction with the promotional and marketing campaigns of the city inside and outside Egypt, which will result in an increase in the company’s sales during the coming period without incurring more costs.
In the same context, the Board of Directors of the Administrative Capital for Urban Development approved a number of important facilitations for developers working in the New Administrative Capital, related to payment facilities and extending implementation periods. High inflation directly affected building requirements and construction costs, as this will be directly reflected in the implementation rates of the various projects, which contributes greatly to the speedy receipt of contracting citizens for units in the various projects in the New Administrative Capital.
