Egyptian company New Administrative Capital Urban Development (ACUD) achieved a total profit before tax of EGP 26 billion in 2023, an increase of EGP 6 billion or 30% over the previous year. This was announced during the company’s annual general meeting on August 15, 2024 at the company’s headquarters.

The meeting approved and ratified the company’s financial statements, including the balance sheet and the profit and loss account.

ACUD Chairman and CEO Khaled Abbas stated that net profit after tax for 2023 will be EGP 17 billion. The company’s total revenue for the fiscal year was EGP 65 billion.

The tax amount for 2023 was EGP 8.6 billion, compared to EGP 3.6 billion for 2022, an increase of EGP 5 billion. This excludes VAT of EGP 1.7 billion and dividend tax totaling EGP 1.3 billion, bringing the total taxes paid to EGP 11.6 billion.

In addition, earnings per share for FY 2023 were EGP 50, representing 50% of the share value. The value of assets for FY 2023 increased to EGP 279 billion, compared to EGP 255 billion last year, an increase of approximately 10%.

Abbas pointed out that the company is close to completing utilities for all plots in the first phase of the new administrative capital. The company is also conducting advertising and marketing campaigns for the city both domestically and internationally, which are expected to increase sales in the coming period without incurring additional costs.