The Industrial and Engineering Enterprises Co. (IEEC) has announced a significant financial milestone, reporting a net profit of EGP 8.9 mn for June 30, 2024, Invest-Gate reports.

This marks the company’s first profit in over 20 years, a remarkable achievement following extensive efforts to restructure and settle accumulated debts.

IEEC’s successful negotiation of debt rescheduling and repayment agreements, primarily addressing the interest on the principal debt, is a testament to the company’s commitment to its stakeholders. These agreements have enabled the company to finalize outstanding claims related to its operations, reassuring its stakeholders about IEEC’s reliability. Additionally, resolving these financial issues has allowed IEEC to resume the collection of its dues, which had been delayed pending the settlement with the Social Insurance Authority.

The company has also re-engaged with national development authorities and the National Authority for Potable Water and Sewage, aiming to restore its position as a key player in executing major national projects.

Moreover, IEEC has completed several long-delayed projects, solidifying its reputation as a leading national infrastructure company.

Furthermore, IEEC completed the implementation and delivery of the Sidi Salem water network in Kafr El Sheikh, with investments totaling EGP 70 mn. The company also delivered the Hatay and Abou Taleb lift stations in Fayoum, valued at EGP 40 mn, and is currently finalizing the Minya wastewater treatment plant, a project with a capacity of 90,000 cubic meters and an investment of EGP 360 mn.

Chairman Mahmoud Farag stated that the company’s successful debt restructuring, completed according to the 2021 plan, was pivotal in achieving this profitability. He also emphasized IEEC’s standing as a top-tier contractor recognized for its extensive experience in national infrastructure projects. Farag positioned it for future growth amid the country’s expanding construction and infrastructure sector.