Hope for negotiations in the Gulf    Lebanese gov't to hold final budget session on Friday    Stalemate in Sudan    Tahya Masr Bridge: Breaking the record    Mubarak speaks    EGP 300 million allocated for poor households, education: Ministry of Religious Endowments    Vaccine doubts spread like disease, must be taken offline: vaccine chief    Fund to upgrade banking system to be established under new bill: CBE official    25 percent increase in journalist allowance as of May: Journalists Syndicate head    Tennis: Djokovic concedes he has mountain to climb at French Open    Tottenham ban fans trying to sell Champions League final tickets    Man City's Sterling wants to meet FA, league about racism    Omani Writer Jokha Alharthi wins the 2019 Man Booker International Prize    General Prosecutor orders release of five prominent detainees    Households electricity prices hike by EGP 4-93.5 per month    Egypt name national team's initial squad for AFCON 2019    Egypt's domestic debt exceeds EGP 4tn in December 2018: CBE    Shoukry, Furey discuss Egypt's foreign policy, reforms    New Zealand Christchurch mosque attacker charged with ‘terrorism'    SODIC's advance cheques for real estate projects reach EGP 4bn    Fashionably featuring beguiling beauty of Maasai people    Only one path to glory    Why the dollar went south    What comes after the IMF?    Messages to Tehran    Negresco pasta with broccoli and spinach    Stalemate in Sudan    Mascot revealed, tickets on sale    Don't miss Al-Leila Al-Kebira puppet theatre operetta at Al-Hanager Arts Centre    In search of historical women    Drugs, terrorism, judicial authorities' bills top Parliament's agenda in June    Why Egypt dominates squash: juniors' training plans, says Khalifa    "Kushaf": most famous Ramadan drinks    Trump threatens Iran of total destruction    Twelve alleged militants killed in shootout with police    Apple provides 20,000 educational applications for special needs children    "Cover Up Your Daughter, So Men Can Fast Appropriately," campaign evokes anger    Women's participation in Ramadan series    Forgotten sites in El Gamaleya District    Malawians vote in tough presidential election    Angry at being dubbed a hustler, Maradona dismisses new film    At Cannes, Arab Cinema Centre announces winners of its 3rd Critics Awards    Zamalek faces RS Berkane for first CAF Confederation Cup title    President Sisi receives citizens for Iftar at his private residence    Argentine great Maradona to miss Cannes film premiere after shoulder injury    The alternative economy in Ramadan    No new rent law    Newsreel    







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





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
Published in Daily News Egypt on 17 - 04 - 2019

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.


Clic here to read the story from its source.