The Administrative Capital for Urban Development (ACUD) has reported impressive financial results for fiscal year 2024, with pre-tax profits amounting to EGP 35bn—an increase of 35%, or EGP 9bn, compared to the previous year. This marks a significant milestone in the company’s growth, building on a strong track record over the past three years.
ACUD’s General Assembly met on 5 October at the company’s headquarters in the Government District of the New Administrative Capital, where members approved the company’s financial statements, including the balance sheet and profit-and-loss account for FY 2024.
Total operating revenues for FY 2024 reached EGP 48bn, reflecting the company’s consistent performance and progress in its ongoing projects. Net profit after taxes was reported at EGP 26bn, with tax payments totaling EGP 9.7bn. This figure included EGP 8.2bn in corporate tax—down EGP 400m from the previous year—along with EGP 13m in value-added tax and EGP 1.3bn in dividend tax.
The company’s earnings per share for FY 2024 were EGP 60, representing 60% of the nominal share value. Additionally, ACUD saw a nearly 20% increase in total assets, which grew from EGP 279bn in FY 2023 to EGP 335bn in FY 2024, further underscoring the company’s solid financial health.
ACUD highlighted that the company is nearing the completion of utilities infrastructure works across all plots in Phase One of the New Administrative Capital. This progress, coupled with ongoing promotional and marketing campaigns both locally and internationally, is expected to drive higher sales in the upcoming period without significant additional costs.
With total profits reaching EGP 86bn over the past three years, ACUD remains on track to achieve its long-term development goals, positioning itself as a key player in Egypt’s urban and infrastructure development.
