El Nasr Automotive Co. reaches revenues of LE 17.3M in 2018/19

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Mon, 28 Oct 2019 - 12:04 GMT

Egyptian pound - Reuters

Egyptian pound - Reuters

CAIRO – 28 October 2019: El Nasr Automotive Manufacturing Company accomplished revenues of LE 17.3 million during fiscal year 2018/2019, compared to LE 13.3 million during the prior fiscal year.

The revenues came below the targeted figure by LE 32 million, according to the General Assembly that approved the financial statements of the company.

The company’s annual losses declined to LE 7.3 million during the last fiscal year, compared to LE 13.5 million in the fiscal year 2017/2018.

Chairman of El Nasr Automotive Company Ibrahim Ajlan attributed these results the failure of the Engineering Company for Automotive Industry to implement joint works worth LE 23 million, and the Egyptian Center for Economic Studies' failure to commit to reciprocal correspondence for manufacturing to others by LE 9 million.

Ajlan added that during 2018/2019, the company's stock hit LE 56.5 million, down from LE 59.5 million in the previous year. He pointed out that about 118 workers, who receive LE 16.2 million annually as salaries and other benefits, are currently working in the company.

Founded in 1960, El Nasr is Egypt's state owned automobile company, and is the first Arab vehicle manufacturer. El Nasr Automotive Company in Wadi Houf will be the hub for manufacturing the first electric car in Egypt.

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