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Public Enterprise Sector Ministry announces EGP 7.4bn net profit in FY 2016/17 71 companies owned by the ministry have witnessed an improvement in performance
The Minister of Public Enterprise Sector Ashraf El Sharkawy announced that the estimated corporate profit index registered at EGP 7.34bn for fiscal year (FY) 2016/17, increasing by more than 400% from the FY 2015/16 profits, which accounted for EGP 1.68bn, marking an EGP 5.6bn gain, according to a press statement on Friday, following the convening of the general assemblies of 91 companies owned by the ministry. The statement indicates that the announcement came as part of the ministry's approach to perform a periodic follow-up to the outcome of the work of the affiliated companies for FY 2016/17. Public enterprise sector companies' total revenues are estimated at EGP 82.53bn, marking an increase of about EGP 21.6bn compared to FY 2015/16. Moreover, 71 companies out of the 91 witnessed an increase in performance, either by increasing their profitability, transitioning from loss to profit, or by reducing their losses. The general assemblies of the companies "Maadi for Development and Construction" and "El-Nasr Housing and Development" owned by the Holding Company for Construction took place on Thursday, 26 October. Maadi for Development and Construction achieved a net profit of EGP 245.36m in FY 2016/17, going up by 38% in comparison to FY 2015/16. The company recorded revenue growth of about 70% to register at EGP 645.68m. In concurrence, El-Nasr Housing and Development achieved a net profit of EGP 154.8m in FY 2016/17, marking an increase of 42.5% compared to FY 2015/16, while their revenues rose to EGP 566.26m, increasing by 26% from FY 2015/16. Earlier in October, the financial indicators showed that companies affiliated with the Metallurgical Industries Company, one of the companies of the Ministry of Public Enterprise Sector, achieved a leap in the total portfolio performance during FY 2016/17, transitioning from loss to profit for the first time in four years, as net profit registered at EGP 1.56bn, compared to a loss of EGP 997.34m in FY 2015/16.
