Having completed their Bachelors in Civil / Architectural Engineering and received a Project Management Diploma in 1983, Eng. Taher Maamoun & Eng. Maged Habib have vast work experience spanning over three decades.
Since 1999, they have also gained entrepreneurial experience that they used to their advantage to co-establish Five Builders for Construction in 2012. Five Builders provides turnkey project management starting from architectural studies through to construction, supply, manpower, tools and machinery until the after sales and maintenance phase.
GroFin SGB Fund supported Five Builders with a loan of EGP 4,000,000 to finance working capital for already won contracts with many reputable awarding bodies in the private sector such as real estate developers, multinational petrochemicals companies and multiple industrial projects.
“Bulk cash purchases based on GroFin’s funding will ensure timely contract execution and allow Five Builders to tide over wage and salary payments till collections are received,” says Eng. Maged.
By obtaining Grofin finance, both entrepreneurs are planning to not only increase revenues and margins but also hire double the current staff levels in permanent positions, allowing Five Builders to become one of the key players in the market through more aggressive client acquisition.
To give an idea of the far-reaching impact on employment, GroFin’s investment is expected to lead to an increase in staff from 54 to 96 in the short term.
Besides finance, GroFin is also providing much-needed business support to Five Builders.
Financial advisory services will be provided, comprising accounting analysis with focus on the company’s profitability. In addition, GroFin will also provide expert assistance on a fresh, large-order contract that Five Builders has recently won.
“We have already held technical and financial discussions with project awarding body Sterling & Wilson Co to have a better understanding of the terms & conditions of the contract in addition to support the management team through explaining the impact of advance payments on the progress of the contract,” says Tarek Mahmoud, Senior Investment Manager, GroFin Egypt.
It may be noted that construction is one of the most important industries in the Egyptian economy, contributing 7% to the country’s GDP. Egypt’s construction industry registered low growth during the period of political turmoil in the country but is taking off once again, testified in the resurgence of construction companies like Five Builders Construction. Supporting this critical sector will give GroFin the opportunity to make a meaningful contribution to the Egyptian economy overall.