Egypt's Minister of Industry and Transport Kamel El-Wazir chaired the ordinary general assembly of Alkahera Company For Ferries And Maritime Transport (KCFMT) to review the firm's 2023 financial statements, the Ministry said on Wednesday. The meeting approved the company's balance sheet, final accounts, and the reports submitted by the board of directors and the auditors, including the Accountability State Authority and the company's internal audit team. The company's chairman emphasised the firm's turnaround from loss to profit, citing a 12 per cent increase in the passenger market compared to 2022 and a 19 per cent growth rate, the statement added. The chairman noted a 113 per cent increase in operating revenues for 2023, driven by higher ticket sales, increased revenue from Egyptian and Saudi agents, improved maritime agency income utilisation, and better internal operations governance. El-Wazir emphasised the need to follow approved development plans for increased growth and profitability. He suggested promoting current ferry routes and exploring new ones like Hurghada–Sharm El-Sheikh. He also urged the board to conduct an analytical evaluation of the company's vessel leasing policy, aimed at tapping into new markets and meeting growing demand for maritime transport throughout the year. El-Wazir affirmed full ministerial support for the company and its workforce as part of a broader plan to upgrade all maritime transport firms under the ministry, according to the Cabinet's announcement. The plan targets expanding Egypt's commercial fleet to 30 vessels by 2030, in line with directives from President Abdel Fattah El-Sisi to restore the strength of the national commercial fleet. Attribution: Amwal Al Ghad English Subediting: M.S.Salama
