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Industrial Development allocates 36,000 square meters to a subsidiary of MB Engineering in Sadat City
(MENAFN- Integrated Marketing Communications)
Cairo: MB Engineering, the leading company in the field of manufacturing, assembling and distributing low-voltage electrical products, announced that its subsidiary, MB Industries, has obtained an industrial land allocation in Sadat City with an area of 36 thousand square meters after completing all the conditions and requirements necessary for industrial allocation from the Industrial Development Authority.
10% of the total value of the land was paid in the amount of 4,428,000 Egyptian pounds, and the project was granted a grace period of two years from the date of payment of the contract installment according to the letter of the General Authority for Industrial Development, provided that the remaining value of the land is paid over four years in equal quarterly installments with an interest of 10% instead of the interest of the Central Bank, provided that the project is implemented during the grace period granted by the General Authority for Industrial Development.
Note that MB Industries is the industrial subsidiary of MB Engineering and owns two factories, the first in the Seventh Industrial Zone in Sadat City, and the other in the CPC Industrial Complex in 6th of October City. The company works through its factories in manufacturing many portfolios of electrical products and industries under the umbrella of global and local brands, the most important of which are (French Hager, Korean Hyundai, and Egyptian Beta Electric).
Given the company’s strategic growth in its product portfolio, it has been allocated a new manufacturing space in the industrial zone in Sadat City to keep pace with its expansion goals, with optimal utilization of this manufacturing space in several axes in phased ways, with the aim of increasing the production capacity of the existing product portfolio, increasing diversity in the product portfolio, in addition to using new technological innovations in developing the industry and raising the efficiency of locally manufactured products to be the optimal choice in the Egyptian market and also regional markets.
The company's statement explained that the volume of investments for the expansion operations is targeted to exceed 500 million Egyptian pounds in stages, and the necessary financing will be arranged as a combination of self-financing and capital increase in addition to bank financing. It is also planned to start construction operations during the first half of 2025, so that operational operations can begin within 18 months.
It is worth noting that MB Engineering Company, the parent company's net profit in its consolidated financial statements for the year 2023 amounted to EGP 42 million. It also announced the consolidated business results for the financial period ending March 31, 2024, where the company achieved a growth in sales of 91% compared to the same period last year, and achieved a positive growth in the gross profit ratio by an increase of 19% to reach 48% compared to 41% for the same period last year, in addition to achieving growth in total comprehensive income after minority rights by a factor of 7 times compared to the same period last year, accompanied by a growth in net profits for the period before income taxes by 71% on an annual basis compared to the previous year.
Cairo: MB Engineering, the leading company in the field of manufacturing, assembling and distributing low-voltage electrical products, announced that its subsidiary, MB Industries, has obtained an industrial land allocation in Sadat City with an area of 36 thousand square meters after completing all the conditions and requirements necessary for industrial allocation from the Industrial Development Authority.
10% of the total value of the land was paid in the amount of 4,428,000 Egyptian pounds, and the project was granted a grace period of two years from the date of payment of the contract installment according to the letter of the General Authority for Industrial Development, provided that the remaining value of the land is paid over four years in equal quarterly installments with an interest of 10% instead of the interest of the Central Bank, provided that the project is implemented during the grace period granted by the General Authority for Industrial Development.
Note that MB Industries is the industrial subsidiary of MB Engineering and owns two factories, the first in the Seventh Industrial Zone in Sadat City, and the other in the CPC Industrial Complex in 6th of October City. The company works through its factories in manufacturing many portfolios of electrical products and industries under the umbrella of global and local brands, the most important of which are (French Hager, Korean Hyundai, and Egyptian Beta Electric).
Given the company’s strategic growth in its product portfolio, it has been allocated a new manufacturing space in the industrial zone in Sadat City to keep pace with its expansion goals, with optimal utilization of this manufacturing space in several axes in phased ways, with the aim of increasing the production capacity of the existing product portfolio, increasing diversity in the product portfolio, in addition to using new technological innovations in developing the industry and raising the efficiency of locally manufactured products to be the optimal choice in the Egyptian market and also regional markets.
The company's statement explained that the volume of investments for the expansion operations is targeted to exceed 500 million Egyptian pounds in stages, and the necessary financing will be arranged as a combination of self-financing and capital increase in addition to bank financing. It is also planned to start construction operations during the first half of 2025, so that operational operations can begin within 18 months.
It is worth noting that MB Engineering Company, the parent company's net profit in its consolidated financial statements for the year 2023 amounted to EGP 42 million. It also announced the consolidated business results for the financial period ending March 31, 2024, where the company achieved a growth in sales of 91% compared to the same period last year, and achieved a positive growth in the gross profit ratio by an increase of 19% to reach 48% compared to 41% for the same period last year, in addition to achieving growth in total comprehensive income after minority rights by a factor of 7 times compared to the same period last year, accompanied by a growth in net profits for the period before income taxes by 71% on an annual basis compared to the previous year.
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