Development & Engineering Consultancy Company
Development and Engineering Consultancy Co. (“Tameer” or “Company”) was established in 1954 as a Public Sector Real Estate Company, focusing on the development of residential units, whilst offering consultancy towards urban planning projects.
During the privatization phase of Tameer, Watheeqa identified the potential of this organization and the Real Estate sector in Egypt, both of which were then poised to substantially grow, and during 2005 Watheeqa purchased 40% of the Company.
Watheeqa's initial strategic assessment identified that Tameer was not managing its balance sheet and asset structure effectively, nor utilizing the working capital of the Company as efficiently as possble.
Watheeqa's initial goal was to recommend a 100% increase in share capital to enable restructuring the corporate debt, through extensively negotiating improved funding facilities with Tameer's banks. Furthermore, to also upgrade the Company's financial management procedures, providing them with a platform for much greater financial control in the future.
Within months, Watheeqa's team had arranged for the majority of the corporate debt to be written off or re-structured, creating an immediate impact within Tameer's balance sheet.
Watheeqa subsequently embarked upon a management restructure program to provide Tameer with a dynamic team far more suited to the private sector environment, with strategic and operational skills that would enable the company to prosper.
With these initial two stages complete, Watheeqa could now continue helping the organization with its transition from the Public to the Private Sector by aligning the remainder of Tameer's operations, policies and performance towards the stakeholders’ expectations in the private sector.
With the corporate restructure completed, Tameer, under the continued guidance of Watheeqa, now embarked upon an aggressive business development plan, initially completing a 90 unit project in the booming area of Zahraa Maadi in Egypt.
By year end 2006, Watheeqa's management team enabled Tameer to exceed all planned goals, in terms of sold and delivered units, by over 40%, ending the year with only a minor loss (purely due to precautionary provisions) and with a much healthier balance sheet – an unprecedented turnaround in such a short timespan. After completion of this process, Tameer achieved EGP 36 million (equivalent to USD 6.5 million) cash net profit.
Tameer ended the year 2007 with a net profit of EGP 50 million (equivalent to USD 9 million) – the first time the company has achieved profit for several years, with clients showing unprecedented enthusiasm regarding future Tameer projects.
2008 continued in the same aggressive fashion, with Q1 results showing approval for a stock dividend of 20%. Tameer now has total assets of EGP 253 million (Approx. USD 46 million), combined with an excellent client base and future business growth strategy.
This turnaround in business performance is the result of the organization restructuring program, the improved management of debt funding and the identification of new opportunities and projects, and has been directly attributed to the strategic and operational guidance provided through the Watheeqa Boardroom presence.