FILE – The price tag decree says all food producers, importers, packagers and suppliers of food products must label every product in Arabic and in clear font – undated FILE – The price tag decree says all food producers, importers, packagers and suppliers of food products must label every product in Arabic and in clear font – undated

Food industries’ subsidiaries records LE882M in 2016/2017

Thu, Mar. 22, 2018
CAIRO – 22 March 2018: Food Industries Holding Company marked a five-percent surge in its net profit during fiscal year 2016/2017, recording LE 310 million, compared to LE 294 million in 2015/2016, with an increase of LE 16 million.

Net profit of Food Industries’ subsidiaries increased 148 percent to LE 882 million in 2016/2017, compared to LE 356 million in 2015/2016, according to Ministry of Supply.

This came during the meeting of the General Assembly of the Holding Company for Food Industries, headed by Minister of Supply Ali al-Meselhi, in the presence of the Chairman of the Holding Company Alaa Fahmy.

The statement said that the subsidiaries recorded sales at LE 46.2 billion in 2016/2017, compared to 34.7 billion in 2015/2016.

Food Industries’ companies achieved exports in 2016/2017 amounting to LE 1.07 billion, compared to LE 412 million the previous year.

The statement clarified that the total investments of the subsidiaries amassed LE 6.3 billion during 2016/2017 with a 24-percent investment outcome.

Chairman of the company Alaa Fahmy said that the development processes in the subsidiaries are financed through loans from The Holding Companies, aiming to increase the winning companies’ capital and lowering the transferred deficit in these companies or in the losing ones.

Food Industries Holding Company is specialized in food and beverages with 22 subsidiaries.

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