Arab Developers Holding has disclosed its first-half results for 2024, showcasing sustained positive performance across financial and operational fronts in the initial six months of the year, Invest-Gate reports.

Throughout H1 2024, at the operational level, the company excelled by securing sales amounting to EGP 2.018 bn for 550 units spanning a total area of 60,000 sqm.

Moreover, Arab Developers Holding successfully delivered 168 units covering approximately 12,000 sqm. Financially, the company achieved revenues totaling EGP 342 mn, with a gross profit of EGP 134 mn.

Q2 2024 witnessed Arab Developers Holding attaining remarkable financial outcomes, transitioning to profitability with net profits reaching EGP 25 mn from April to June 2024, alongside sales worth EGP 677 mn during the same period.

In a related development, the Board of Directors sanctioned the decision and disclosure form to augment the company’s issued capital from EGP 772.386 mn to EGP 1.390 bn.

This increment of EGP 617.909 mn will be distributed over 6.179 bn ordinary shares valued at EGP 0.1 each. Existing shareholders are invited to subscribe, aligning with their respective contribution percentages. The capital increase, to be executed in cash, will involve the trading of subscription rights separately from the original shares.

Dr. Ayman Bin Khalifa, CEO and Managing Director of Arab Developers Holding, remarked on the firm’s performance, noting the management’s success in upholding positive business results amid economic challenges in H1 2024. The company is currently prioritizing accelerating project implementation to boost unit deliveries, a strategy expected to bolster financial performance in the latter half of the year.

He emphasized that the strategic focus on enhancing project delivery rates necessitates an infusion of fresh liquidity, prompting the Board’s approval of the capital increase to EGP 1.390 bn. This infusion, amounting to EGP 617.909 mn, aims to expedite project implementation, thereby augmenting delivered units, enhancing revenue streams, optimizing profit margins, and maximizing shareholder returns.