Egyptian home appliance maker Universal eyes $416mn sales by late-2016

Egyptian home appliances maker Universal for Engineering Industries targets obtaining sales of 3.7 billion Egyptian pounds (US$416.5 million) by the end of 2016, marking a 13 percent growth rate.

Speaking to Amwal Al Ghad Tuesday, Chairman Youssry Kotb stated that the total investments of Universal group after the new expansions are estimated at around six billion pounds.

On Monday, Trade and Industry Minister Traek Qabil inaugurated a new factory for Universal group whose total investments cost worth around 130 million pounds.

Kotb added that the newly-opened factory is expected to achieve returns of around 270 million pounds within the coming period.

Universal group exports more than 60 percent of its products for around 57 states all over the world.

About the value added tax law, head Kotb asserted that this tax would lead to a hike in final products’ prices, thus causing a deep recession in sales movement in the market.

The chairman urged the government to suspend applying the value added tax until overcoming current dollar crisis.