Cairo - Mubasher: Architectural Engineering Industries for Construction and Development (ICON) reviewed the latest developments in the business of its subsidiary, Tatweer Company, in the Kingdom of Saudi Arabia.

The company clarified in a disclosure today, Wednesday, that Tatweer has completed the implementation of ready-to-use units in the Empty Quarter, valued at SAR 24.5 million, with the impact reflected in consolidated revenues for the period from March 2023 to the same month in 2024.

She added that Tatweer's work to implement ready-to-use units in NEOM, valued at SAR 105.62 million, is still ongoing, and revenues are expected to be recognized by the first quarter of 2025.

Regarding the construction work of the Tatweer Company's factory in the Tabuk region, Icon noted that trial operations began during the third quarter of this year, and that some construction work and the supply of machinery and equipment are still underway.

Yesterday's session, Tuesday, witnessed the implementation of a transfer of ownership deal through which AIF Holding Limited acquired 62.22% of Icon's capital, comprising 90.52 million shares, with a total deal value of EGP 1.62 billion, at an average price of EGP 17.94 per share.

In return, Arafat Mohamed Maged Sakr sold his entire stake in Icon, amounting to 32.1%, or 46.71 million shares, for a total value of EGP 838.01 million.

It's worth noting that Icon Engineering Industries for Construction and Development achieved profits of EGP 643.8 million during the period from January to the end of June 2024, compared to profits of EGP 267.61 million in the same period in 2023, taking into account minority rights.

The company's revenues rose to EGP 2.79 billion during the first six months of this year, compared to EGP 1.37 billion during the same period last year.

On the non-consolidated financial statements front, the company swung to losses during the first half of this year, incurring EGP 11.115 million, compared to profits of EGP 42.7 million in the corresponding period of 2023.