Giza General Contracting guarantees EGP 56.4M loan for El Saeed Contracting

Updated 6/14/2022 1:46:00 PM

ArabFinance: The board of directors of Giza General Contracting and Real Estate Investment Company (GGCC) has approved providing a guarantee to El Saeed Contracting and Real Estate Investment Company (SCCD) (UEGC) so that the company is able to receive a letter of guarantee worth EGP 56.4 million from QNB Alahli, according to a filing to the Egyptian Exchange (EGX) on Tuesday.

Giza General Contracting ascribed its decision to gurantee El Saeed Contracting to its financial interests.

It is worth noting that Giza General Contracting recorded a consolidated net profit attributable to the parent company of EGP 23.102 million in Q1 2022, compared to EGP 22.29 million in Q1 2021.

Giza General Contracting is an Egypt-based public shareholding company that operates in the construction and engineering industries sector.

The company is primarily involved in general contracting activities, such as operations, manufacturing, and trade in industry-related activities.