Egypt Daily News – Khaled Abbas, the Chairman of the Board of Directors of the New Administrative Capital for Urban Development Company, recently announced significant financial achievements for the company.
In a recent interview, he stated that the company recorded substantial profits of 26 billion pounds before taxes for the year, marking a 29% increase compared to the 20 billion pounds earned in the previous year.
Over the seven years since its inception, the company has attained cumulative profits nearing 53 billion pounds before taxes.
Abbas detailed the tax contributions made by the company this year, amounting to 11.7 billion pounds, which is broken down into 8.6 billion pounds in income taxes, 3.1 billion pounds in value-added tax, 1.3 billion pounds in profits taxes, and 200 million pounds as a mutual contribution. Since its establishment, the total taxes paid have reached 19.8 billion pounds.
He highlighted that all these financial gains were achieved from a previously undervalued area seven years ago.
The company has also returned significant revenues to the state, estimated between 80 and 90 billion pounds over the same period, and it reports total assets of 275 billion pounds this year. Looking ahead, Abbas anticipates that the company’s asset value could potentially quadruple following a new evaluation influenced by changes in the exchange rate.
