October 4th, 2019 | 0 commentsAcrow Misr for Scaffolding and Formwork reported a 42% year-on-year profit decline during the first half of 2019, the company’s consolidated financial results showed. Net profits plunged to EGP 72.25 million in the six-month period ended 30 June, compared to EGP 124.5 million in the corresponding period a year earlier, including minority...
September 25th, 2019 | 0 commentsTotal investments of Elaraby Group’s industrial complex in Beni Suef’s industrial zone are estimated at EGP 3.4 billion, the group’s vice-chairman Ibrahim Elaraby said. Spreading across 168,000 square metres, the industrial complex consists of twelve factories that create about 11,000 jobs, according to statement released by the Egyptian...
September 24th, 2019 | 0 commentsAbu Dhabi Ship Building (ADSB) announced that Matar Khalfan Ali Al Shamsi has resigned from his position as managing director. Chairman Omar Al Faresi will handle the company’s management temporarily pending the sourcing and appointment of a new managing director or CEO, according to a filing to the Abu Dhabi Securities Exchange (ADX) on...
September 23rd, 2019 | 0 commentsThe Egyptian Financial Regulatory Authority (FRA) approved to publish the disclosure form of the Middle East Glass Manufacturing Co to proceed in increasing its issued capital to EGP 83.12 million from EGP 50.32 million. The glass manufacturing firm aims to raise its issued capital by EGP 32.8 million to be funded either in cash or from t...
September 16th, 2019 | 0 commentsFujairah Building Industries, listed on the Abu Dhabi Securities Exchange (ADX), on Sunday announced the appointment of Kaushik Das as its Chief Financial Officer (CFO), according to a bourse filing. It is worth noting that Fujairah Building Industries was established as a block factory in 1978. In January 2007, the company unveiled its l...
September 16th, 2019 | 0 commentsOrascom Construction PLC (ORAS) announces that its consortium with Siemens signed an agreement with Iraq’s Ministry of Electricity to rebuild Baiji 1 and Baiji 2 power plants in northern Iraq. The power plants will have a combined generation capacity of 1.6 GW. Work at Baiji, which is about 250 km north of Baghdad, will begin once the con...
September 16th, 2019 | 0 commentsEgyptian Iron and Steel (Hadisolb) generated revenues of EGP 187.86 million during July and August. In addition, sales amounted to EGP 124.16 million in July, the company said in a statement to the Egyptian Exchange (EGX) on Sunday. During fiscal year 2018/2019, the company incurred net losses of EGP 1.24 billion, compared to EGP 899.6 mi...
September 13th, 2019 | 0 commentsAlexandria Portland Cement has sold an unexploited plot of land in Ad Dakhilah, according to a bourse statement released on Thursday. Situated on 15,852 square metres, the plot was sold in consideration of EGP 31.7 million. Alexandria Portland reported a 29.47% year-on-year increase in its losses during the first half of 2019, recording E...
September 12th, 2019 | 0 commentsRas Al Khaimah Cement (RAK Cement), listed on the Abu Dhabi Securities Exchange (ADX), announced it has cancelled an acquisition of a quarry and a cement plant. The acquisition has been cancelled as the company was not able to provide the required financing for completing the transaction, according to a filing to the ADX on Wednesday. It...
September 11th, 2019 | 0 commentsArabtec Holding, a Dubai-based leading contractor for social and economic infrastructure, on Tuesday announced that it considers the possibility of combining construction business with Trojan Holding, a construction company in Abu Dhabi. Once both parties reach an agreement, they will sign a contract to set the terms and applicable proced...
