The General Assembly of the Administrative Capital for Urban Development (ACUD) has approved and endorsed the financial statements, including the budget, profit and loss account, for the company in the fiscal year of 2023, Invest-Gate reports.

The year saw a remarkable achievement with total profits before taxes reaching EGP 26 bn, marking a significant EGP 6 bn increase from the previous fiscal year, representing a 30% growth. Concurrently, total revenue from activities amounted to EGP 65 bn.

The net profit after tax for 2023 tallied at EGP 17 bn. In terms of fiscal obligations, taxes for the year summed up to EGP 8.6 bn, a notable rise from EGP 3.6 bn recorded in 2022, showcasing a EGP 5 bn increase.

Additional taxes included value-added tax of EGP 1.7 bn and dividend tax of EGP 1.3 bn, resulting in a total tax payment of EGP 11.6 bn.

The profit share for the fiscal year 2023 stood at EGP 50, equivalent to 50% of the share value.

Asset valuation for the year surged to EGP 279 bn from EGP 255 bn, reflecting a growth of approximately 10% over the previous fiscal year.

Moreover, the company is on the verge of completing the facilities for all lands in the first phase. Simultaneously, promotional and marketing initiatives are underway both domestically and internationally, poised to drive an upsurge in sales for the forthcoming period without incurring additional costs.