Egypt’s New Administrative Capital Urban Development (ACUD) company achieved total pre-tax profits of EGP 26bn for 2023, an increase of EGP 6bn, or 30%, compared to the previous fiscal year. This was announced during the company’s General Assembly meeting held on 15 August 2024, at the company’s headquarters.
The meeting approved and ratified the company’s financial statements, including the balance sheet and profit and loss account.
ACUD Chairperson and Managing Director Khaled Abbas stated that the net profit after taxes for 2023 amounted to EGP 17bn. The company’s total revenue reached EGP 65bn for the fiscal year.
The tax amount for 2023 was EGP 8.6bn, compared to EGP 3.6bn for 2022, marking an increase of EGP 5bn. This does not include value-added tax, which amounted to EGP 1.7bn, and dividend tax totalling EGP 1.3bn, bringing the total tax paid to EGP 11.6bn.
Additionally, the earnings per share for the fiscal year 2023 were EGP 50, representing 50% of the share value. The value of assets for the fiscal year 2023 rose to EGP 279bn, compared to EGP 255bn in the previous year, reflecting an approximate 10% increase.
Abbas noted that the company is nearing the completion of utilities for all lands in the first phase of the New Administrative Capital. The company is also undertaking promotional and marketing campaigns for the city both domestically and internationally, which is expected to boost sales in the upcoming period without incurring additional costs.
