Egypt’s Public Sector Affairs Minister unveils 400% increase in FY2017 net profits

Egypt’s Minister of Public Sector Affairs Ashraf El-Sharkawy said the estimated net profits jumped by more than 400 percent to 7.34 billion Egyptian pounds ($415.8 million) during the financial year 2016/2017.

Profits earlier stood at 1.68bn pounds during the financial year 2015/2016, according to a press statement on Friday, following the convening of the general assemblies of 91 companies owned by the ministry.

The statement indicates that the announcement came as part of the ministry’s approach to perform a periodic follow-up to the outcome of the work of the affiliated companies for the financial year 2016/2017.

Public enterprise sector companies’ total revenues are estimated at 82.53billion pounds, marking an increase of about 21.6 billion pounds from compared to financial year 2015/2016.

Moreover, 71 companies out of 91 witnessed an increase in performance, either by increasing their profitability, transitioning from loss to profit, or by reducing their losses.

Source: Daily news