CAIRO - 18 February 2024: Egypt Post plans to make direct investments totaling LE 6 billion in 2024, Chairman of Egypt Post, Sherif Farouk disclosed to Asharq Bloomberg.
These investments will aim to optimize operations in logistics, communications, microfinance, and consumer finance. In 2023, the authority already injected LE 4 billion as direct investments.
Furthermore, Egypt Post increased its investments in the Egyptian Exchange (EGX) by 20 percent in 2023, reaching LE 6 billion, according to the Chairman.
Farouk emphasized Egypt Post’s goal of achieving a 30 percent increase in net profits in 2024, targeting LE 5 billion.
In December 2023, he announced that Egypt Post achieved a surplus of LE 4.4 billion in the fiscal year 2022/2023, reflecting a net profit growth rate of 21 percent.
Service revenues also experienced a growth, reaching LE 5 billion with a growth rate of 21 percent. Additionally, the savings fund deposits accumulated to LE 266 billion.
In parallel, Ahmed Al-Sheikh, Chairman of EGX, recently highlighted the positive performance of the Egyptian stock market.
The main index of the EGX surged by 70.5 percent in 2023, while the market value of stocks witnessed a significant 77 percent increase, reaching LE 1.7 trillion. As of the beginning of 2024, the main index has already risen by 16.2 percent to date.
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