The board of El Arabia for Land Reclamation approved on Wednesday a draft protocol between the company and Shamikh Global Ltd to carry out procedures of registering the company’s brank in Saudi Arabia as an initial step to establish a limited liability JV between the two companies.
According to the company’s statement, the subsidiary will carry out general contracting, agricultural land reclamation, bridges and tunnel, canals and storm water drains, and infrastructure works in Saudi Arabia.
The company had posted EGP 7 million net loss for the fiscal year that ended on June 30, 2014, against EGP 437.7 thousand net profit a year earlier.
Financial statements for the nine-month period from July 1 , 2013 to March 31 , 2014 showed EGP 6.7 million net loss , compared to EGP 6.6 million logged in the same period a year earlier , with increase by 3%.
The company's H1-FY13/14 loss narrowed to EGP 1.93 million, compared to EGP 2.549 million losses incurred in the same period a year earlier.