Modern Waterproofing Company developed a restructuring plan addressing its profit margin to compensate for its financial losses over 2015, owner and CEO Walid Gamaleldin said.
The company is functioning well, but its investments need to be reconsidered after they caused numerous losses over the year, he said.
The company’s independent statements during the first nine months of 2015 indicate net profits of EGP 8.1m compared to net profits of EGP 6.4m during the same period in 2014.
Consolidated financial statements, however, which include subsidiaries and faltering companies, incurred losses of EGP 12.6m compared to the loss of EGP 5.3m during the period of comparison in 2014.
Gamaleldin said the company is moving forward to sell SPUNTEX Company for Engineering Nonwovens, which suffered major losses in the past period. SPUNTEX’s production halted until Modern exited it. Modern has also exited Bitumode Qatar for $40,000 in the past year.
SPUNTEX has capital of EGP 70m, and Modern owns about 99.92% of its shares.
Modern established and operated factories to produce moisture, heat, and sound insulators as well as manufacturing architecture, decoration materials, and accessories.
The company’s issued capital and paid capital is EGP 119m, divided over 119m shares, at one pound per share.