Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt urges Israel to accept Gaza deal amid intensifying fighting    SCZONE showcases investment opportunities to eight Japanese companies    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



HCCD targets EGP 1.13bn profit over FY 2015/2016: Investment Ministry
Asset Management Committee follows up on all the holding companies' performance, development plans, according to Salman
Mohamed Ayyad Published in Daily News Egypt on 11 - 07 - 2015

The Holding Company for Construction and Development (HCCD), one of the public companies owned by the Ministry of Investment, targets EGP 1.13bn in net profits for the draft budget of the new fiscal year (FY) 2015/2016.
This compares to losses of approximately EGP 504m during FY 2013/2014, according to a press release by the Ministry of Investment.
The ministry revealed that a general assembly was held for the company, chaired by the Minister of Investment and the President of the General Assembly, Ashraf Salman. Central Auditing Organization officials, General Assembly members, HCCD's Board of Directors and Investment Ministry officials were also present to discuss the company's draft budget for the next FY 2015/2016.
Salman pointed to the importance of the investment sector, considered to be one of the most promising sectors that offer many investment opportunities. He added that the sector could majorly help increase the rates of the Egyptian economy.
"The Asset Management Committee plays an effective role in following up with all the holding and affiliated companies. It also supervises the implementations of the development plans through performance indicators on a monthly basis, which shows clear implications regarding the percentage of the achieved plans and objectives," added Salman.
Chairman and Managing Editor of HCCD Mahmoud Hegazy said that his company is working on pumping new investments into the affiliated companies, as part of its efforts to boost revenues in the state's assets. It is also executing structuring and development plans for a number of the affiliated companies.
"In estimating the shares of the company in the profits of the affiliated companies, we have put into consideration the execution of the investment plans in these companies," added Hegazy.
They have also considered the available contracts and the production inputs at the prevailing market prices when preparing the budget, as well as the effect of the expected increases resulting from the sovereign decisions on salaries.
Total revenues from the targeted activity in the new fiscal year (FY) 2015/2016 are estimated at EGP 13.7bn, compared to the initial number at EGP 6.7bn for FY 2013/2014.
The cost of revenue activity in the new budget of FY 2015/2016 is roughly EGP 11.4bn, compared to the initial number at EGP 6.4 for FY 2013/2014.

Clic here to read the story from its source.