Arab Moltaqa Investments Company ‘s (AMIC) financial statements, prepared in accordance with Egyptian Accounting Standards, showed that total standalone revenues for the first quarter of 2013 reached EGP 18.4m.
This is an increase of EGP 12.1m in comparison to the first quarter of 2012, when revenues hit EGP 6.3m.
“Despite the continued economic malaise and the slowdown of the Egyptian economy, AMIC has witnessed a surge in its bottom line during the first quarter of 2013,” managing director Khaled Abou Heif said.
Revenues from subsidiaries distribution increased by EGP 13.9m in the first quarter of 2013 reaching EGP 16.8m.
“The reason for this upsurge is due to the increase of AMIC’s share in A.T. Lease distributions from 10% to 90% after the acquisition that took place in 2012 through a share swap,” the company explained in a press release.
AMIC’s expenses, on the other hand, reached EGP 1.6m in the first quarter of 2013, with a limited increase of EGP 111,000 when compared to the same period of 2012.
“Among the reasons for this increase is the depreciation of the fixed assets as a result of additions and improvements that took place at AMIC’s headquarters, as well as various equipment added,” the release explained.
Abou Heif said that net profit after tax for the first quarter of 2013 stood at EGP 17.4m against EGP 5.7m for the same period in 2012. This is an increase of 205%.
AMIC capital reached EGP 197.9m in March 31, an increase of EGP 74.9m when compared with the same period in 2012, which recorded EGP 123m in capital.
The release stated that the increase comes after the actual ownership transfer of 15,999,900 of A.T. Lease’s shares as a result of the 80% acquisition of A.T. Lease valued at EGP 307,998,075.