The Cairo-based Arabian International Construction (AIC) company reported 9.4 million Egyptian pound ($2.03 million) net losses for the financial year 2001, compared to a net profit of EP4.4 million posted the previous year.
The drop was mainly attributed to the 74 percent fall in revenues, resulting from the general slowdown in Egypt’s housing and construction sector. Revenues totaled EP57 million last year, down from EP215 million in FY00. AIC’s bottom line was also affected by a near fivefold increase in provisions, reaching EP16 million in 2001.
AIC is a private sector services corporation established in 1987. It's authorized capital was set on one billion EP. It is one of the top three private sector contractors in Egypt in terms of size.
AIC aims at becoming a regional service provider, targeting markets in the Middle East and North Africa (MENA) as well as Sub-Saharan Africa. Currently, AIC is engaged in a number of projects in Libya, Kuwait, Dubai, Uganda and Saudi Arabia. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
