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Loss of 112.4 million pounds in engineering cars. Prior to joining Metal Holding, Sunday October 6, 2019 2:06 AM
The losses of the car engineering company amounted to £ 112.4 million in fiscal 2017-2018, before joining the Holding Company's metal holding company for sea and land transportation. The company earned just £ 43.1 million in revenue in the same fiscal year, according to official financial data.
The company joined the metal holding company by its extraordinary decision of the general meeting on January 17, where the association agreed to increase the authorized capital to LE 900 million to accommodate the increase in issued and realized capital and the increase in issued and realized capital. credit balances due to the Holding Company for Maritime and Ground Transportation. Reduction of issued and realized capital by the amount of retained losses for the fiscal year 2017/2018.
It is noteworthy that the engineering company was transferred to the metals holding company to join El Nasr Automotive Company, which in turn lost £ 14.5 million during the 2017-2018 financial year and earned only 6.5 million revenues. of pounds.
The two companies are expected to manufacture electric cars in cooperation with a recently agreed Chinese company.
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