Cairo - Egypt's President 'Abdel Fattah El Sisi' ordered intensifying efforts to restructure public sector companies which failed to make profits and working on modernizing them in a way that turns them into profitable ones. During a meeting with Business Sector Minister Ashraf el Sharqawi, President Sisi underlined the need for implementing a reform plan in order to help the public sector play its vital role in the national economy. Minister Sharqawi reviewed a report on the progress of work in the relevant plan, presidential spokesman Alaa Youssef said. Performance results of public enterprises revealed that 66 companies are now profitable, compared to 53 last year, with results currently amounting to LE 7.4 billion, compared to 5.8 billion last year, the minister said. Total revenues of the sector are estimated at LE60.8 billion, compared to 55.4 billion last year, he added. Also, the rate of losses in the sector improved by 7%; a matter which reflected the improvement of general performance, the minister said. Of the best-achievement companies are those under the holding National Company for Construction & Development with revenues up by 36.4% and those under the Holding Company for Tourism and Hotels that achieved 371% increase in revenues, the minister said. In his report, the minister also highlighted the efforts being exerted to utilize unused assets of public businesses
