Delemar Industrial Group, one of the top producers of aluminium profiles in Egypt, plans to build an industrial complex for making float glass, aluminium profiles, and cladding in Sadat City.

Chairman Mahmoud Haroun told Zawya Projects that the company had acquired 60,000 square metres of land in Sadat City for the 750-million- Egyptian-pound ($48 million) project, adding that construction and other licenses are expected to be granted in the second half of 2022.

He said the project is part of the expansion undertaken by the company to grow its business in the domestic and international markets.

On Thursday, the company had announced that it is building a float glass factory in the 6th of October city at an investment of around 600 million pounds ($38 million).

Haroun said the plant, which is scheduled to start operations in the third quarter of this year, will take the total number of factories owned by the group to five. 

The group’s total investments currently exceed 2.5 billion pounds ($159 million), he said.

Haroun said Delemar is targeting business worth about 2 billion pounds ($127 million) in 2022 compared to 1.6 billion pounds ($102 million) last year, a growth of 25 percent.

He disclosed that Delemar has relied on internal accruals and bank loans to finance its expansion programme, noting 150 million pounds ($9.5 million) were obtained through Med Bank, Bloom, Bank Audi, and Al Ahli Kuwait banks.

(1 US Dollar = 15.72 Egyptian Pounds)

(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)

(anoop.menon@lseg.com)