Arab Finance: The Administrative Capital for Urban Development (ACUD) is expected to see a 15% to 20% year-on-year (YoY) increase in its profits this year, Asharq Business reported on November 12^th, citing the company’s Chairman Khaled Abbas.

During the seventh real estate development conference held in the New Administrative Capital, Abbas noted that the company’s profits for 2023 could range between EGP 22.7 billion and EGP 23.7 billion, up from EGP 19.8 billion in 2022.

He also revealed that ACUD’s profits amounted to nearly EGP 10 billion during the first half (H1) of 2023.

Abbas said before that ACUD is planning to offer a 5% to 10% stake of its shares on the Egyptian Exchange (EGX) during the first or second quarter of 2024.

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