The Egyptian Stock Exchange announced the start of trading in the shares of Nahr Al-Khair Company for Development and Agricultural Investment in the market starting next Tuesday, as the market will trade at 61.5% of the company's capital.
The company's managing director, Ahmed Sayed, said that Nahr Al-Khair is the first company with a 1.5 million feddan reclamation project that will be listed in the capital market as an easy entry and exit financing tool for investors. .
He added that the company started its business in 2011 with 28 shareholders, and currently it has 466 shareholders, according to Al Borsa newspaper.
Sayed pointed out that the company's capital started with two million pounds in 2011 and has now reached 200 million pounds, which reflects investors' confidence in entering the company's capital increases.
The company has set the fair value at 300 million pounds, and the share will start trading at 25 piasters.
Nahr al-Khair aims to achieve sales growth of 130 million pounds in 2022, compared to 87 million pounds in sales.
The managing director indicated that the company aims to complete the reclamation of 5,138 acres owned by it in a project of 1.5 million acres in the West Elmenia region by the end of 2024. He stated that the company reclaimed about 2,500 acres with crops Sugar beet, corn, lemon, olives and Spanish figs, and it also contracted with the Savola Food Company to cultivate 250 acres for its own benefit for the sugar beet crop, and a thousand acres for the Canal Sugar Company.
It is worth noting that Nahr Al-Khair's profits before taxes amounted to 27 million pounds at the end of September 2021, compared to profits before tax of 10.8 million pounds for the year 2020.
