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Cairo – Mubasher: The Cairo Oils and Soap Company has approved the fair value study report prepared by the Union Inspection and Expertise Company “Unspect” on the price of the land for the company’s factory in Ghamra.
The company said in a statement to the Egyptian Stock Exchange today, Monday, that the study estimated the current market value of the land at about 110.337 million pounds, or 7,500 pounds per meter. Further details about the study can be found here (click here). ).
The Cairo Oils and Soap Company said it has agreed to a purchase offer made through a closed-envelope public tender system for the entire site of the company’s factory in Ghamra and the buildings thereon, covering an area of approximately 14,711 square meters, at a price of 8,700 pounds per square meter, totaling 127.98 million pounds.
She confirmed that the sales value represents a significant financial support for the company’s financial position.
She explained that part of the proceeds from the sale will be used to settle tax obligations imposed on the company and to pay for Corplis’ finance leases. Proceeds will also be used to pay termination benefits to employees who wish to stop volunteering before reaching statutory retirement age at the Ghamra factory.
In addition, the remainder of the sales proceeds will be used to finance the Company’s working capital by meeting the Company’s needs for raw materials to meet the Company’s ambitious sales plan for 2024 and to meet the production needs of the new items planned within the scope of the The company’s sales plan will be implemented during 2024.
Purchasing new equipment or spare parts and completing the modernization of production lines to increase production efficiency.
Cairo Oils and Soap Company’s financial indicators for the first half of this year showed the company moving from losses to profitability on an annual basis.
From the beginning of January to the end of June 2023, the company recorded a net profit of 41.71 million pounds, compared to losses of 45.79 million pounds in the same period last year.
The company’s activity revenue rose to £469.59 million in the first six months of this year, compared to £22.72 million in the same period last year.
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