The shares of the General Company for Land Reclamation, Development and Development listed on the Egypt Stock Exchange increased by 10.04% at the end of the trading session today, Tuesday, to circulate at the price of 65.89 pounds per share, achieving its highest level in 5 months.
28.06 thousand shares of public shares for land reclamation, development and reconstruction were traded at that time, with a value of trading 1.80 million pounds.
The highest price for the share was at that time at 66 pounds, while the lowest price was at 62 pounds per share, to touch the highest price in 5 months.
The General Company for Land Reclamation, Development and Reconstruction is one of the entities affiliated with the Ministry of Agriculture and Land Reclamation in Egypt, and its establishment dates back to 1959.
Its activities are concentrated in the fields of desert land reclamation, the development of infrastructure projects, in addition to implementing various agricultural and industrial initiatives.
In the fiscal year 2023/2024, the company managed to achieve a noticeable shift in its results, as it recorded net profits of 524 million pounds, after it had incurred losses of 30.18 million pounds during the previous financial period.
Despite this, the activity revenues witnessed a decline to record 98.96 million pounds, compared to 135.42 million pounds in the previous fiscal year.
As for future expectations, the company plans during the fiscal year 2024/2025 to achieve revenues of up to 160 million pounds, with a net profit estimated at 950 thousand pounds.
The company seeks to enhance its economic performance by launching new projects, and investing the lands owned by sale or development, in addition to expanding its investments in the agricultural and industrial sectors in line with the state’s plans aimed at increasing the agricultural area and developing desert areas.
