Cairo-based construction firm Saudi Egyptian Construction Company (SECON) posts a 40% year-on-year rise in its profits in the fiscal year ending on December 31, 2016, Invest-Gate reports.

The company is continuing its new investments, owning a new 70-feddan land plot in the New Administrative Capital, Saudi Assistant Minister of Finance and Chairman of SECON Mohammed bin Hamoud says on the sidelines of an Iftar organized by the company.

Shareholders’ equity and total assets rose by 38% each, according to CEO Darwish Hassanein.

The company has started the establishment of the 120-building Riyadh Compound which is 30% completed now, CEO added.

SECON also finalized 30% of both the 12-acre Dorra Assiut in New Assiut and the 18-acre Secon Resort in New Damietta, in addition to completing Lake Dream 6th of October City, Secon Residence in Alexandria and Secon Nile Towers in Cairo.