The Administrative Capital For Urban Development (ACUD) achieved pre-tax profits of EGP 19.8 bn during 2022, which accounts for 100% of the company’s issued capital, Invest-Gate reports.

After deducting taxes, net profit for 2022 reached EGP 16.1 bn, while taxes for 2022 amounted to EGP 3.7 bn, compared to EGP 657 mn in 2021, an increase of EGP 3 bn, in addition to VAT of EGP 1.4 bn and dividend tax of EGP 340 mn. Total taxes paid thus amounted to EGP 5.5 bn.

Earnings per share for fiscal 2022 reached EGP 78.7, while assets for fiscal 2022 reached EGP 255 bn, compared to EGP 104 bn in the previous fiscal year.

The company announced that it is nearing the completion of infrastructure for all land plots in the initial phase, along with local and international marketing campaigns for the new capital, which will boost company sales in the coming period without incurring more costs.