FILE - Minister Hesham Tawfik
CAIRO – 23 April 2019: Minister of Public Business Sector Hesham Tawfik announced that the profits of 119 affiliated companies almost doubled during the fiscal year 2017/2018.
Tawfik added his speech at the US Chamber of Commerce meeting to review investment opportunities in the public business sector that the total profit of the winning companies amounted to LE 18.5 billion while the total losses of losing companies hit LE 7.2 billion.
He pointed out that the net profits for the companies of the Ministry of Public Business Sector during the fiscal year 2017/2018 reached LE 11.3 billion, compared to LE 7.4 billion for the fiscal year 2016/2017, marking a growth rate of 52.2 percent.
The minister added that companies achieved revenues of LE 102.5 billion during the fiscal year 2017/2018, compared to LE 84.8 billion in the fiscal year 2016/2017, with an increase of 20.8 percent.
The volume of companies' exports and foreign activities increased 48 percent in a year on year basis, recording LE 16.5 billion.
The minister said that 119 companies are affiliated to the ministry as subsidiaries to eight holding companies, which are the Holding of Maritime and Land Transport, Misr Insurance Holding Company, Holding of Chemical Industries, Metallurgical Industries Company, Holding of Construction and Development, Cotton and Textile Industries Holding Company, the Holding Company for Pharmaceuticals, Chemicals and Medical Supplies and Holding Company for Tourism and Hotels.
Tawfik pointed out that the companies are working in many fields.