Egypt launches index for public business sector profits

CAIRO – 22 August 2017: The Ministry of Public Business Sector launched an index to measure revenues and profits of affiliated companies, Minister Ashraf al-Sharkawy said Tuesday.

The index will measure revenues of the companies and compare them with the previous fiscal year (FY), Sharkawy said in a statement.

Sharkawy said the new system will be applied from this year as general assembly of public business sector companies started to hold to review annual results.

The revenues of public business sector reached LE 80 billion ($45 billion) since the start of Egypt’s economic reform program, Sharkawy said.

In the first nine months of FY2016/17, revenues of public business sector reached LE 60 billion ($33 billion).

The public business sector encompasses eight public holding companies and their 121 subsidiaries.