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Public Enterprise Sector companies' net profit up by 52% to EGP 11.3bn in FY 2017/18 Revenues grow by 20.8% to EGP 102.5bn, exports increase by 48% to EGP 16.5bn
The public enterprise sector companies achieved significant profits in the fiscal year (FY) 2017/18, where the profitable companies achieved EGP 18.5bn in net profit, while losses from other companies recorded EGP 7.2bn, bringing the sector's cumulative net profit to EGP 11.3bn, a 48% increase year-over-year. Meanwhile, the sector's total revenues recorded EGP 102.5bn in FY 2017/18, compared to EGP 84.8bn a year earlier, an increase of 20.8%. Moreover, the value of exports and foreign businesses of subsidiaries in the same period amounted to about EGP16.5bn, at a growth rate of 48%. The total wages of public enterprise sector companies registered EGP 16.5bn during FY 2017/18, up from EGP 15.5bn in FY 2016/17, a 6.4% increase, despite the decline in the number of employees in the companies to 209,500 people, compared to 214,600 in the previous year, as some employees retired. On a different note, the Minister of Public Enterprise Sector, Hesham Tawfik, revealed on Tuesday that new contracts will be signed for the supply of new equipment to spinning and weaving companies next week at a total cost of EGP 10.5bn. Tawfik added the development plan of the sector costs EGP 21bn, clarifying that new machinery will arrive to Egypt during 2020, and will be followed by another shipment 10 months later.
