Cairo – Mubasher: The Egyptian Financial and Industrial Company (EFIC) on Wednesday announced that it was on the verge of completing several projects it had commenced years before.

The projects totalling EGP 206.32 million are scheduled for completion over the next few days, EFIC said in a statement.

EFIC’s update comes as a response to a report issued by the Accountability State Authority (ASA), which had inquired about the company’s EGP 148.76 million project in Ain Sokhna.

The Egypt-listed company had begun working on the Ain Sokhna project in 2008.

Furthermore, the cost of transporting EFIC’s fertiliser line from its Suez plant to its branch in Assiut cost EGP 53.7 million, EFIC said, citing a feasibility study from December 2015.

The ASA had issued a report stating that EFIC was spending on projects without conducting feasibility studies, adding that the financial and industrial firm was also taking too long to complete its projects and was undergoing unnecessary mortgage burdens.

Commenting on the mortgage section of ASA’s report, EFIC highlighted that its mortgages had hiked owing to the increase in the value of the land to EGP 123.9 million, compared to EGP 43.3 million previously.

EFIC has been successfully in achieving record high profits, from which it was able to repay its outstanding debt and liabilities, the company highlighted in its statement to the Egyptian Exchange (EGX).

EFIC’s stock closed Wednesday at a 1.26% rise to EGP 16.93, after 593,000 shares were exchanged at a turnover of EGP 10.15 million.