General Company for Land Reclamation, Development and Reconstruction on Sunday announced that its board of directors had approved the estimated budget for fiscal year 2019/2020.
The Egyptian firm aims to generate EGP 16.4 million in investments in FY 18/19, compared to EGP 16.92 million worth of investments expected to be implemented in the current fiscal year, according to a statement to the Egyptian Exchange (EGX).
The company’s expected revenues amounted to EGP 144 million for FY 19/20.
General Land Reclamation reported a profit of EGP 5.04 million from July 2017 to June 2018, compared to losses of EGP 99.53 million in the prior fiscal year.
The Egyptian firm reported turning a profit in the first half of FY 18/19, logging EGP 12.37 million during the July-December period of 2018, versus a net profit of EGP 753,000 in the year-ago period.
Meanwhile, General Land Reclamation’s sales retreated to EGP 12.15 million in H1 of the current fiscal year, compared to EGP 49.9 million in the corresponding period a year earlier.