Eastern Company will hold a public auction on 6 February to sell a plot of land through closed envelopes as part of the company’s plan to tap unexploited assets.
The company pointed out that the plot is 3234 square-metres (sqm) in front of the Pharaonic Village on Bahr al-Azam Road.
The Eastern Company said that the plans will be in three phases and is included in the real estate investment activity. It decided to announce their sales through public bidding via the envelope system in January, according to the agreed dates of publication. The sale comes within the investment plan pursued by the company’s board of directors.
The company said earlier that the cost of renewing and replacing machines and spare parts costs between EGP 700m and EGP 800m annually, especially as the company works on a monthly basis to renew machines and production lines.
The cost of preventive and curative maintenance of machines reaches about EGP 300m annually, and a single production line costs about EGP 100m.
Eastern Company achieved EGP 1.05bn in profits in the first quarter of this fiscal year from July to September, compared to EGP 991.18m in the same period last fiscal year with a growth of 7%.
The financial statements of the company showed that its sales recorded an increase of EGP 290m during the period, to achieve about EGP 3.68bn, compared to sales of EGP 3.39bn in the comparative period of last fiscal year. The company’s value of projects under implementation amounted to about EGP 1.21bn at the end of last September against EGP 1.24bn the same time last year.