Egytrans, a leading transport and logistics company, said Sunday its board approved the budget for 2018, forecasting a targeted net profit worth 33.5 million Egyptian pounds ($1.9 million).
Egytrans’ board also projected that the company will conduct business activities valued at around 185.2 million pounds, according to a filing to the Egyptian Exchange (EGX).
The transport company further approved amendments to Egytrans’ 1.1 million pounds contract with Etal for Electrical and Mechanical Industries in return for storage rights at Egytrans’ private garage.
Furthermore, Egytrans approved the purchase of three trucks for 1.38 million pounds to continue the land-transport project, the statement showed.
Egytrans last reported soaring profits by 4,811 percent to 20 million pounds in the third quarter of 2017 from 408,700 pounds in the year-ago period.
As for the first nine months of 2017, Egytrans’ consolidated profits stood at 81.67 million pounds, a rise from 21.6 million pounds in the corresponding period of 2016.