Cairo - Mubasher: Al Fanar Contracting, Construction, Trade, Import and Export Company financial indicators showed a rise in profits by 569.8% in 2016.

Al Fanar achieved profits of EGP 906,190 in 2016 compared to EGP 135,290 in 2015, the company said in a statement to the Egyptian Exchange (EGX).

Company revenues rose during 2016 reaching EGP 22.26 million compared to revenues of EGP 7.01 million in 2015.

Foreign exchange gains amounted to EGP 5,070 after the liberalisation of the Egyptian pound, the company stated in a separate statement.

Contracts with Misr Sons Development (Hassan Allam Sons Company) reached EGP 1.18 million, Al Fanar indicated in February.

The company’s stock closed at EGP 1.39 on 8 March.