Cairo: Minister of Housing, Utilities and Urban Communities Randa el-Menshawy chaired the general assembly meeting of the Arab Contractors Company, where the company's financial statements for fiscal year 2024/2025 and the draft planning budget for fiscal year 2026/2027 were approved. In her address, Menshawy emphasized that presidential directives would guide the company's future work plan, highlighting a new social protection package to improve citizens' living standards and expedite projects under the presidential 'Decent Life' initiative.
According to State Information Service Egypt, Menshawy noted improvements in Egypt's macroeconomic indicators, allowing the government to introduce the new social protection package and bolstering confidence in the state's ability to fulfill its social commitments. She reported a decline in inflation indicators and ongoing implementation of the State Ownership Policy to enhance private sector participation in economic activities.
The minister confirmed the state's dedication to maintaining macroeconomic stability, supporting growth rates, managing inflation, and expanding the social safety net. This commitment is alongside the implementation of housing, infrastructure, and rural development projects under the 'Decent Life' initiative. She also pointed to the state's focus on sustainability projects, such as renewable energy, water desalination, waste management, and environmental compatibility projects.
Menshawy highlighted that the Arab Contractors Company is a pivotal partner in executing national development plans and enhancing Egypt's image internationally through its projects in African and Arab countries. She stressed the importance of supporting skilled young cadres and leveraging the company's capabilities to maintain its leadership in a rapidly evolving environment.
The company employs approximately 56,900 workers, and Menshawy underscored the importance of optimizing this human capital, praising efforts to enhance performance, increase revenues, and sustain its leading status locally and globally. She reiterated the state's intent to ensure the company's continued success and sustainable growth as a key national entity in implementing major development projects.
The company's business results for FY 2024/2025 showed that it completed 66 projects, with the value of executed works growing by 1.11 percent year-on-year to EGP 48.343 billion, generating a gross profit of EGP 2.227 billion and net profits of EGP 1.404 billion, while meeting its financial obligations to the state.
Additionally, total equity increased to EGP 14.336 billion as of June 30, 2025, compared with EGP 13.806 billion a year earlier. The company also increased its paid-up capital by EGP 1 billion, raising total capital increases to EGP 3.5 billion over the past five years without burdening the state budget.
The available contracts totaled EGP 166.495 billion as of June 30, 2025, with EGP 69.533 billion for projects outside Egypt, accounting for 41.8 percent of total contracts.