“Total expenditure in the 2020/2021 budget is planned to hit about LE 1.713 trillion, compared to LE 1.574 trillion in the 2019/2020 budget,” the ministry stated.
Egypt targets a budget deficit of 8.4 percent of gross domestic product (GDP) in the new budget of fiscal year 2018/19, which will start on July 1.
The company’s losses reached LE 5.5 million by the end of fiscal year 2016/2017, compared to LE 8.5 million in the previous year.
The company attributed the growth of assets to higher value of housing projects, increasing by 9.8 percent or LE 936 million.
Revenues increased by 34 percent to reach LE 946 million ($ 53.54 million).
Earnings before interest, tax, depreciation and amortization (EBITDA) rose 12.1 percent to reach $111 million in the first six months of 2017.
Net revenues reached LE 4 million in the first six months of this year, up from LE 2.6 million in the same period of the previous year.
Gross profit recorded LE 131 million in Q2 of 2017 compared to LE 40 million in Q2 of 2016 and down from LE 134 million in 1Q17.
Operating earnings before taxes reached LE 47.7 million in the second quarter of 2017, against operating loss of LE 19.4 million in Q2 of 2016.
Sales surged 153 percent to LE 184.6 million in the first six months of this year, compared to LE 18.3 million in the same period of the previous year.
Total revenues rose 10.4 percent to reach $765 million in Q2 of 2017 from $693 million in the same period of the previous year.
Revenues rose 50 percent to reach LE 12.76 million in the first six months of this year compared to LE 8.5 million in the year-ago period.
EG Bank’s net profits after deducting taxes rose 18 percent to reach LE 282.4 million ($15.8 million), up from LE 238.7 million in the period ended June 30, 2016.
Mohandes Insurance Co’s net profits rose 46.7 percent to LE 64 millionin the fiscal year from LE 44 million in the previous year.
NBK Egypt achieved profits of LE 727 million ($ 40.64 million)in the first half of 2017, down 14.4 percent from LE 849 ($ 47.49) million in the same period in 2016.
The consolidated revenues of the Commercial International Bank (CIB) grew 29 percent to LE 3.55 billion.
Al Ezz Dekheila Steel Company’s losses shrank 60.3 percent year-on-year to LE 69 million ($3.8 million) in the three months.
The company’s profits reached LE 1.1 billion ($61.2 million) in FY 2016/2017.
Revenues reached LE 238.64 million ($13.3 million).
The unconsolidated results indicated that earning per share (EPS) reached $0.04, versus $0.025 losses in the period ending on March 31, 2016.