Cairo – Mubasher: Atlas for Land Reclamation and Agricultural Processing on Wednesday announced that revenues from a project by one of its subsidiaries will be included in the company’s financial statements for 2018.
In accordance with our auditing standards, the revenues will be considered after units are delivered to clients, the company said in a filing to the Egyptian Exchange (EGX).
Earlier this week, Atlas revealed that its unit Atlas for Investments and Real Estate Development was on the verge of announcing its new project on Ajyad Road in the 6th of October city, Giza governorate.
Project investments amount to EGP 250 million, while revenues expected from the implementation of the project are likely to reach EGP 390 million, Atlas said.
By 10:50 am Cairo time, Atlas’s stock grew 2.7% to EGP 10 on the EGX.
